Bakkegruppen seeks debt restructuring, asset sale extension

Bakkegruppen AS is seeking bondholder approval to extend the deadlines for its debt restructuring and sale of residential projects. The original September 30, 2025, implementation deadline could not be met, and the scope of the planned sale transaction has been reduced. Consequently, the company's banks require adjustments to the bond loan settlement, with the cash consideration remaining fixed while preference share conditions are revised.

The proposal includes extending the deadline for definitive agreements to October 20, 2025, and postponing the settlement to November 17, 2025. Key elements include a partial redemption of NOK 150 million of Tranche A Bonds, conversion of remaining bonds to preference shares with revised rights, and a temporary waiver of the NOK 30,000,000 liquidity covenant until November 17, 2025.

Discussions with larger bondholders, representing over two-thirds of the votes in both Tranche A and B Bonds, indicate support for the proposal. The voting period for the written resolution will expire on October 15, 2025, at 16:00 Oslo time.