Company update on Recreate ASA

22 Dec 2022 15:11 CET

Porsgrunn, 22 December 2022: Reference is made to the stock exchange
announcements by Recreate ASA ("Recreate" or the "Company") on 11 November and
21 November 2022, respectively, regarding the Company's stressed liquidity
situation and cost reducing measures.

Recreate is pleased to announce that the group's financial creditors with
short-term liabilities are supportive of the restructuring efforts undertaken.
All but one financial creditor have confirmed their acceptance to suspend
payment of amortization and to extend loan maturities to mid October 2023 on
certain agreed terms while trade creditors are serviced in ordinary course.
Credit committee approval of the Company's proposal still remains in respect of
one financial creditor. The project team of said creditor has, however,
recommended to its credit committee to be held early January 2023 that the
Company's proposal is approved subject to certain terms. An update will be
provided once relevant formal approvals have been obtained in early January
2023. The group intends to use this time to further implement cost reducing
measures as well as to develop a long-term sustainable platform for the group to
refinance the debts and to strengthen its position to face challenges ahead.

As part of the process of restructuring the group, it is also exploring
opportunities to sell certain properties, provided that such transactions can be
made at favorable terms for the group and its shareholders. Any such sales will
be subject to separate disclosure.

The CEO stated that: "The suspension represents a positive starting point in our
discussions with our financial creditors towards achieving the common long-term
goal of strengthening Recreate to face the challenges ahead for the benefit of
Recreate and all stakeholders involved."

ABG Sundal Collier ASA and Advokatfirmaet Thommessen AS are acting as the
Company's advisors.

For further information, please contact:

Emil Eriksrød, CEO
emil.eriksrod@recreate.no
+47 415 22 463

Eirik Engaas, CFO
eirik.engaas@recreate.no
+47 934 99 340

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