Newsroom

Welcome to West Atlantic newsroom. Here you will find West Atlantic news and press releases, as well as contact information to our media spokespeople.

West Atlantic Group preliminary condensed statement of financial position as per 31st December 2017

This voting request for procedure in writing has been sent on 15 January 2018 to bondholders directly registered in the debt register (Sw. skuldbok) kept by the CSD.

West Atlantic AB (publ) reaches further agreement with the bondholder’s committee

West Atlantic AB (publ) results from written procedure

This voting request for procedure in writing has been sent on 8 December 2017 to bondholders directly registered in the debt register (Sw. skuldbok) kept by the CSD.

Based on the outcome of the discussions with the Holders Committee, the Issuer has subsequently decided to proceed with a Written Procedure in order to formally request Holders’ approval to, for a certain time period, waive the requirement to comply with the Maintenance Test.

West Atlantic Interim Report Q3, 2017 Published

On 7 November 2017, West Atlantic AB (publ) (the “Company”) announced in a press release that the Company planned to initiate a written procedure in accordance with the terms and conditions of its outstanding bonds, where bondholders would be requested to approve a waiver, during a certain period, regarding the undertaking to fulfil the “Maintenance Test”, and that a notice to the written procedure would be sent to bondholders in due course. The Company still plans to initiate such a written procedure, but after feedback from some of its bondholders and ongoing discussions with potential external investors, the Company has decided to postpone such notice to a written procedure until further notice.

As communicated by West Atlantic AB (publ) (the “Company”) in a press release dated 2 November 2017, the Company did not as per 30 September 2017 fulfil the “Maintenance Test” as stipulated in the terms and conditions of the Company’s outstanding bond loan (the “Terms and Conditions”). The Company has decided to initiate a written procedure in accordance with the Terms and Conditions where bondholders will be requested to approve to waive, during a certain period, the undertaking to fulfil the Maintenance Test. More information about the background to the request is found in the appendix attached to this press release. The further conditions for such waiver and the written procedure will be included in the notice to the written procedure, which will be sent to bondholders in due course.

West Atlantic AB (publ) has during 2017 reported negative results, to a great extent due to high start-up costs caused by delayed deliveries of aircraft for the new Royal Mail contract, which is the company´s largest contract ever with revenues of around 3 billion SEK during the 5 year contract term. These delays caused the company to sub-charter aircraft from other airlines, and incur double the cost for many items during the period January-September 2017. The losses have been reported in the Q1 and Q2 interim reports, and have continued during Q3 reducing the equity and liquidity. As a consequence, the company does not fulfill the “Maintenance Test” as per September 30, 2017 as stipulated in The Terms and Conditions (published on the company’s webpage www.westatlantic.eu) of the company’s corporate bond loan.