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Tower Group is fighting for solution of liquidity problems

Lagt online 04.08.09

Since publishing reorganisation of the company and new management on 23
December 2008, Danish property company Tower Group has implemented a series of initiatives, which will improve operations and thereby strengthen the long-term earning capacity of the company.

Therefore the company has negotiated with a number of Danish banks with second preferred mortgage in the company's properties, and at the end of April 2009 it obtained a temporary credit facility against supplementary mortgage to meet the short-term liquidity challenges concerning the property management.

The temporary credit facility of DKK 66.1 mill. granted by a syndicate of
Danish banks, provided the company with the possibility during the very
strained short-term liquidity situation to ensure the operation of the
properties and to continue work on strengthening the total capital structure of
the company, and to provide Tower Group with the opportunity to adjust and
rationalize operations with a view to ensuring and strengthening the group's
continued operations and profitability.

Supported by a corporate finance company, the company has negotiated with a
number of partners during the past months. The result of this is that, in
understanding with the syndicate banks for the temporary credit facility,
discussions on the point of substance will be initiated with a regard to
ensuring a total solution of the capital structure of the company.

The temporary credit facility has been obtained with the sole purpose of
servicing the operation of the properties and will not create liquidity to
service the subordinate bond debt of DKK 300 mill., where the next interest
payment of DKK 25.5 mill. is due on 22 November 2009.

Therefore a precondition for a total solution and strengthening of the capital
structure will be that the company in the future will be able to service all
debts.

A total solution is estimated to include the following:

• Capital injection of liquid funds in the size of DKK100 mill.
• Conversion of part of the pledged second preferred mortgage to equity.
• Bond debts of a total of DKK 300 mill. must endure that interest payments are
zeroed in the future, and therefore bondholders will be offered conversion of
the bond debt into shares.
• A considerable dilution of the current shareholders, cf. the above actions.
• Capital increase will be with pre-emption rights for shareholders.

The new investors are expected to obtain a majority holding after a transaction
as a whole, i.a. through subscription and acquisition of shares in connection
with the transaction as a whole.

The conversion of pledged second preferred mortgage is expected to take place
through a part conversion of bank debts against issue of shares in Tower Group
at the same time as agreement of up to 5 years' commitment on the remaining
second preferred mortgage.

A precondition for the offer to Tower Group bondholders with DKK 300 mill.
concerning conversion into shares is a decision on a meeting of shareholders,
where the management will go through status of the capital structure and
outline the necessary suggestions for the implementation and outcome of the
plan, if such a solution as a whole is not obtained. The company will
coordinate call for such a bondholders' meeting in cooperation with Special
Servicer.

Read more www.towergroup.dk

Illustration: MD Michael Brag, Tower Group.


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