European Lingerie Group AB (the “Company”) announces failure to pay interest due on 22 May 2020 under the terms and conditions for its up to EUR 60,000,000 senior secured bonds with ISIN SE0010831792 (“Terms and Conditions”).

As previously announced, the Company is experiencing adverse financial circumstances as a consequence of the extraordinary world-wide events arising due to the COVID-19 pandemic. The Company has initiated actions to mitigate the effects of the virus to ensure that the Company can operate on a sustainable financial platform both during and after the pandemic. The Company is actively managing the liquidity situation due to the crisis but as there is currently not sufficient liquidity it will not be able to make the interest payment due on 22 May 2020 under the Terms and Conditions.

The failure to pay interest will constitute an Event of Default under the Terms and Conditions.

The Company has ongoing discussions with certain holders of the bonds and other investors to find solutions for the Company and to reach an agreement with respect to the unpaid interest.

This information is information that European Lingerie Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 11.00 CET on 13 May 2020.

For more information, please contact:

Baiba Birzniece
Head of Strategy, M&A and IR
European Lingerie Group AB
+371 26094605
baiba.birzniece@elg-corporate.com