Nova Austral S.A. – Update on discussions with creditors

04 Mar 2023 08:39 CET

Nova Austral S.A. (the "Company") continues to face operational challenges and
liquidity constraints. In an attempt to address its working capital
requirements, the Company has for some time discussed a comprehensive financial
restructuring with its secured lenders and a group of the largest holders of the
Company's 8.25 per cent. senior secured callable bonds 2017/2021 (NOVA01, ISIN
NO 001 0795602) and 12.00 per cent. senior secured callable bonds 2020/2026
(NOVA02, ISIN NO 001 0894264) (collectively, the "Bonds"). During this period
the Company has also been granted certain waivers of payments of interest and
instalments due under its super senior revolving credit facility and the loan
facility to its subsidiary Piscicultura Tierra Del Fuego S.A. ("Piscicultura").
The discussions with the creditors are still continuing, but as the secured
lenders have not been willing to extend such waivers, the Company and
Piscicultura are in default under the facilities agreements. The secured lenders
have not yet declared any part of the facilities to be due for immediate
payment, but they have reserved all rights to take action at any time without
any further grace periods.
The events of default under the Company's super senior revolving credit
agreement have triggered a cross default under the Bonds, and the Company has
informed Nordic Trustee AS in its capacity as bond trustee for the Bonds
accordingly.
The Company will seek to continue the discussions with its creditors to find a
consensual solution, but there is no certainty that such discussions will be
successful. The Company will revert with further information to the bondholders
when available.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published by Tom Jovik, at the date
and time as set out above.

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