PlusPlus announces Reorganisation Petition filed on 27 December 2023 by AS PlusPlus Capital

Tallinn/ Luxembourg, 29 December 2023

PlusPlus Capital (“PPC”), a leading Pan-Baltic and Finnish technology-driven receivables management group hereby informs that its parent company Aktsiaselts PlusPlus Capital (the "Parent") encountered challenges in making payments that were meant to be serviced before the end of this year, such as payments for the EUR 2022/2026 Bonds coupon and for various bond buybacks.

Despite the Parent´s best efforts and due to several unforeseeable reasons, it was unable to conclude a financing agreement that it had been working on and which directly impacts the Parent’s ability to make the agreed payments by the end of this year.

In light of these circumstances, the Parent has taken a proactive step by submitting a petition for the commencement of reorganisation proceedings under the Reorganisation Act (Saneerimisseadus) to the Harju County Court in Estonia on 27 December 2023.

This decision has been made in order to safeguard the interests and to achieve the best possible outcome for the Parent and all stakeholders. PlusPlus Capital looks forward to receiving the court’s ruling in this regard and starting the reorganisation proceedings.

Given the current situation, PlusPlus Capital Financial S.à r.l. (the “Issuer”) will not be able to make payments under the EUR 100,000,000.00 11 % senior secured bonds 2022/2026 (ISIN: XS2502401552) (the “Bonds”) after the standstill period which has been granted to it by the holders of the Bonds and shall end on 31 December 2023. Hence and with a view to protect the interests of investors and stakeholders it is contemplated to apply for similar measures for the Issuer under Luxembourg law.

PlusPlus Capital will keep you informed on the upcoming steps (including the Estonian court’s ruling and filing of reorganisation proceedings in Luxembourg for the Issuer) in a timely manner and look forward to your continued support until a positive resolution of the situation is achieved.

Contact:
PlusPlus Capital AS
Kaarel Raik, Member of the Management Board
Email: kaarel.raik@plusplus.ee
Phone: +372 56 606 148

About PlusPlus Capital:

PlusPlus is a pan-Baltic and Finnish technology-driven receivables management company with offices in Tallinn, Riga, Vilnius, and Helsinki. The company acquires overdue loans and other non-performing exposures from financial institutions and non-financial sector merchants. With its core competence in handling claims against private individuals, PlusPlus prefers diversified portfolios balanced by geography, portfolio type, and other metrics.

Since its inception in 2010, PlusPlus has bought over 120 thousand claims with nominal value of approximately EUR 300 million. The company offers its clients affordable recovery solutions and aims to avoid litigious scenarios. In doing so, PlusPlus pursues win-win solutions that allow sellers to focus on their core business, provide affordable solutions for borrowers, and ensure adequate returns for investors.

PlusPlus is a transparent and socially responsible company set to assist people in resolving problems connected with their insufficient solvency. The ambition of PlusPlus is to increase its market share and further strengthen its position as a leading player in its regional market.