CYBER1 Formally Concludes Reconstruction Process, Following The Settlement Of Remaining Creditors Dividend
Stockholm, Sweden– 28th June 2022 – Cyber Security 1 AB (Publ) (the “Company”) (“CYBER1”) (Nasdaq First North: CYB1), an international leader in Cyber Security has confirmed that it has formally completed the obligations under the reconstruction process.
On June the 28th, 2021, the Stockholm District Court confirmed a compulsory composition agreement, entailing a 75 percent write-down of the Company’s subordinated debt (Sw; oprioriterade fordringar) relating to the time period before the commencement of the reconstruction in May 2020. From the composition agreement, the company has now settled the remaining 25 percent dividend. The total amount subject to the compulsory composition agreement was 190,194,181 SEK, with a write-down of 142,645,635 SEK and a composition dividend of 47,548,546 SEK.
Commenting on the end of the reconstruction process. Chairman of CYBER1 Johan Bolsenbroek stated:
“On behalf of the company and the Board of Directors, we are delighted to have completed the reconstruction process. Since the company formally begun this approach in May of 2020, CYBER1 has undertaken a complete business transformation, which looks to strengthen and expand its offering through considered strategy.
During the reconstruction process, CYBER1 has collaborated with legacy and present suppliers, to ensure that all creditors have been made aware of the legal process that is required in Sweden. We have received positive feedback from some of the largest creditors in the process, including former and ongoing global partners who have appreciated the dialogue and engagement from CYBER1. We thank them for their positive communication and look forward to working with many of them again in the near future, under our refreshed approach.
On top of the restructuring of the parent company operations, we have continued business growth through the launch of an entire new offering in our Managed Services, as well as an initial acquisition in CSSA and CSAD. Combined with a refocussed approach on the company’s strategic vendors, this has led to CYBER1 consolidating its position in the market, with further capacity for expansion.
Now with the reconstruction completed, CYBER1 can fully attribute its time and resources into further growing the business.”
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