REC Silicon – Indemnity Loan Claims
Moses Lake, WA, November 18, 2020: Reference is made to the announcement of REC Silicon ASA (the “Company”) of December 20, 2019. As stated in this document, the Company received in December 2019 a claim for $ 150 million. NOK (the “Claim”) from Nordea for a compensation loan from Nordea relating to the bankruptcy of a former subsidiary in 2012. The relevant bankruptcies have not yet been concluded. Nordea’s claim is based on Nordea’s assumption that its loss will exceed said amount when the estates are concluded.
REC Silicon has now received a writ of subpoena (no: “stevning”) which Nordea has filed in Asker and Bærum District Court, for payment of the claim.
The status of the claim, including whether or not it may or may not be time-barred in whole or in part, continues to be subject to uncertainty. The Company, along with its advisers, will review the Claim and its basis, and come back with additional information as the process progresses.
For more information, please contact:
James A. May II, Chief Financial Officer
Telephone: +1 509 989 1023
Email: j[email protected]
IR contact Nils O. Kjerstad
Telephone: +47 9135 6659
Email: [email protected]
About REC Silicon
REC Silicon is a leading producer of advanced silicon materials, supplying high purity polysilicon and silicon gas to solar and electronics industries around the world. We combine over 30 years of experience and proprietary technology with the needs of our customers, with an annual production capacity of over 20,000 tonnes of polysilicon from our two US-based manufacturing facilities. Listed on the Oslo Stock Exchange (symbol: REC), the company is headquartered in Lysaker, Norway.
For more information, visit: www.recsilicon.com.
This information is subject to disclosure obligations in accordance with section 5-12 of the Norwegian Securities Law.