Think gets debt relief

[Richard]

Photo: Jon Ole Siggerud

Creditors to Think in Aurskog is agreeing to only receive half of their claims towards the EV manufacturer. The company needs 300 million NOK before they could resume production. 250 of that has been reported to been a sure thing in the Norwegian press earlier this summer

Attorney Jo Rodin, head of debt negotiations to save Think Global AS from bankruptcy, is saying that it is now achieved sufficient acceptance among the company's creditors for a debt.

- More than 90 percent of creditors have agreed to a Debt Relief sceme that will give them a refund of 50 percent of the original claim, "he said to Romerikets Blad.

Although creditors are willing to write of half of their claims, Jacobsen does not want to specify more than to "a six-digit figure sum", it does not change the objective of the capital hunt.

- Our goal is still to collect a total of around 300 million, "he said. With Creditors acceptance for a Debt Relief it is easier to achieve our goals. The Debt relief scheme is the basis for investors to get on with the new financing of the company, "said Chairman Svein Sigurd Jacobsen.

Jacobsen expects to have a final Think clarification within the end of August. Then he will approach a final clarification on whether there will be Electric Cars production Aurskog again, or whether it will be moved abroad.

- I expect that the company has a new ownership structure after the refinancing. It will probably also result in a new board, and it is up to them to make decisions on where future production will take place, "said the lawyer.