News

Oslo, Friday, March 9, 2012
Stock Exchange Notification
Significant progress in the restructuring process of Blom's balance sheet

Reference is made to the stock exchange notice on February 27th 2012 regarding an update on Blom ASA's ("Blom" or the "Company") financial situation and the report for the 4th quarter 2011 dated February 29th 2012 where Blom stated that its equity at year end 2011 was lost, and negative by NOK 194m.

Blom has for some time been in dialogue with a bondholder committee (the "Bondholders"), who in total controls 63.5% of Blom's NOK 300 m bond loan. There have been discussions on a process to strengthen the capital structure of the company by increasing the equity ratio. The bondholders are prepared to participate in this process, in order to re-establish a sound balance sheet and secure sufficient liquidity for the company to follow its normal business plans.

A majority of the bondholders, including Folketrygdfondet and other large bondholders, are represented on the bondholder committee and are prepared to vote for a resolution in the bondholders meeting that will secure an orderly restructuring of Blom's balance sheet, including a possible conversion of debt to equity.

The Board of Directors in Blom view the commitment from the Bondholders as an important step towards a successful restructuring of the Company, and will summon an extraordinary shareholders meeting in order to follow up on these initiatives.

For further information please contact:

Dirk Blaauw, CEO Blom ASA, at tel: +47 22 13 19 23 or

Lars Bakklund, CFO Blom ASA, at tel: +47 22 13 19 34

Web development by Imaginanet