LUXEMBOURG - Media OutReach - 5 October 2021 - European
TopSoho S.à r.l. (the "Company") received an alleged default
notice (the "Default Notice") from the Trustee on 4 October, 2021 and
was notified of, among other things, the following (unless otherwise defined
capitalised terms shall have the
same meanings as those defined in the trust deed (as amended and supplemented
by a supplemental trust deed) constituting the Bonds):
event of default under the Bonds has claimed to be occurred and continuing
under condition 14(a)(i) as a result of (i) the Company failing to redeem the
Bonds in full in cash at their principal amount on the maturity date pursuant
to condition 11(a), and (ii) the Company and the Guarantor failing to remedy
such default within five business days after receipt of the Written Notice.
"Acceleration Notification Date" is claimed to be the date of the Default
Notice, the "Default Exercise Commencement Date" is claimed to be 7 October
2021 and the "Expiry Date" is claimed to be 18 October 2021, which shall be
read in connection with Condition 8.
Bonds which remain outstanding as at close of business on the Expiry Date and
which have not been validly exchanged pursuant to the Exchange Rights will be allegedly
immediately due and payable without further formality or notice at the Early
Redemption Settlement Amount.
The Company is actively
considering its options in relation to the current situation and will keep the