Update regarding missing payment interest coupon 1 July 2023

zondag 9 juli 2023

Press release
Regulated information
Insider information

CE Credit Management Invest Fund 1 B.V. (the “Company”) informs its Noteholders as follows:

During the last months, or longer period, some Noteholders have expressed their dissatisfaction about amongst others the increasing intercompany receivable(s), the lack of progress in outsourcing the collection of debt and outsourcing ICT & data management. Therefore, Noteholders requested a second board member. Since 27 April 2023, Mr. Wieger Jellema has been appointed with the assignment to create more transparency regarding the debt portfolio and financial numbers.

At the meeting of Noteholders, held on the 23rd of June 2023, Mr. Jellema informed the participants about the current condition of the company. One of the issues discussed was a further increasing shortfall in cash because debt collection, including the reporting, has come to (almost) a standstill caused by amongst others the long-lasting problems and finally bankruptcy of the Direct Pay group, being the servicer.

Although the company published her annual report of 2021 on 3 July, actual numbers of 2022 are still not available. Consequence of missing the reporting deadlines is that the listing of the bond at Euronext was suspended by the FSMA in October 2022 and is continuing.

On 30 June 2023 the company issued a press release stating that the interest coupon due per 1 July 2023 would not be paid. Ahead of this date, the company requested to postpone the Interest Payment Date but a decision could not be taken because there was no quorum at the meeting(s) of Noteholders of 23 June 2023. To resolve the current (liquidity) issues, the company continues the road of recovery initiated in May 2023 and its efforts to reactivate corporate activities, safeguarding the portfolio data and outsourcing the debt collection. In the coming months the company will frequently update the Noteholders about the results.

To prevent future voting issues regarding Qualified Resolutions, the company and the Security Agent intend to change the Terms and Conditions of the Notes.

Finally, the company kindly but urgently requests all Noteholders to make themselves known to and share contact details with the Security Agent (email: info@obligatiehoudersbelangen.org) and the company (email: w.jellema@cecm.nl).