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DGAP-Adhoc: The continuing financial outcome of Swedish ATP Management AB (publ) will lead to an insolvency situation during Q2 2020 and the company foresees that it will most likely not be able to repay the bond issued by the company in full at maturity

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DGAP-Ad-hoc: Swedish ATP Management AB (publ) / Key word(s): Bond
The continuing financial outcome of Swedish ATP Management AB (publ) will
lead to an insolvency situation during Q2 2020 and the company foresees that
it will most likely not be able to repay the bond issued by the company in
full at maturity

29-May-2020 / 13:00 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

*Disclosure of inside information according to Article 17 of the *
*EU Market Abuse Regulation No 596/2014*

*PRESS RELEASE*

*The continuing financial outcome of Swedish ATP Management AB (publ) (the
"company") will lead to an insolvency situation during Q2 2020 and the
company foresees that it will most likely not be able to repay the bond
issued by the company in full at maturity*

Reference is made to the company's SEK 517,178,250 senior secured callable
fixed rate bonds 2019/2022 with ISIN SE0012930089 (the "bond") which are
listed on the Frankfurt Open Market.

Given the company's financial outcome during Q1 2020, and the uncertain
market conditions due to the ongoing COVID-19 situation, the company has
decided to draw up a special balance sheet pursuant to Chapter 25 § 13 of
the Swedish Companies Act (Sw. _aktiebolagslagen_). In the special balance
sheet, covering Q1 2020, the company's board concluded on 22 April 2020 that
the share capital was intact.

However, the continuing financial outcome will lead to an insolvency
situation during Q2 2020. The company will need to act in compliance with
the Swedish Companies Act and make a new special balance sheet. The
management of the company has informed the owners (_i.e._, the bondholders
represented by the bondholder committee, representatives of certain larger
bondholders as appointed in connection with the restructuring of West
Atlantic AB's bond in 2019) of the problem, which most likely will lead to a
write-down of debts. The above also implies that the company foresees that
it will most likely not be able to repay the bond in full at maturity.

Given the above financial difficulties, management has asked the owners to
explore other means of financing going forward. The company, the bondholder
committee, LUSAT AIR S.L. (Spain) and the minority shareholders of West
Atlantic (who were the shareholders of West Atlantic prior to the
restructuring of West Atlantic's bond) are in discussions with the aim to
reach an agreement in order to solve the situation.

More information in relation to the status of the company's operations will
be provided in the company's interim report for the period 1 January - 31
March 2020 that will be made available later today.

For further information, please contact:
Stefan Sundberg, CEO
Telephone: +46 70 558 58 65
E-mail: stefan@atpcargo.com

_This information is information that Swedish ATP Management AB (publ) is
obliged to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of the contact
person set out above, at 2020-05-29, 13.00 CET._

*About Swedish ATP Management*

Swedish ATP Management is a newly established asset management company
dedicated to manage the BAE ATP (Advanced Turboprop) the most cost efficient
cargo aircraft in its segment (8 ton in both metric volume and payload). We
aim to increase ATP operations and utilization through our provided
services.

Swedish ATP Management AB (publ) reg. no.: 559204-4084, Box 5433, SE-402 29
Gothenburg, Sweden, www.atpcargo.com

29-May-2020 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Swedish ATP Management AB (publ)
Box 5433
40229 Göteborg
Sweden
Phone: +46 70 558 58 65
E-mail: stefan@atpcargo.com
ISIN: SE0012930089
WKN: A19NPH
Listed: Regulated Unofficial Market in Frankfurt
EQS News ID: 1058681

End of Announcement DGAP News Service

1058681 29-May-2020 CET/CEST



(END) Dow Jones Newswires

May 29, 2020 07:00 ET ( 11:00 GMT)
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