Tandberg Storage estate to be concluded with no bondholder payment

By Caroline Salls

Pittsburgh, Dec. 29 – Tandberg Storage ASA’s bankruptcy estate manager concluded that there will be no dividend payment to non-priority creditors, including senior secured convertible bondholders, according to a notice from bond trustee Nordic Trustee ASA.

The bankruptcy court has approved the estate’s report that includes the dividend payment conclusion and ruled that the estate proceedings will be concluded.

Following the conclusion of the bankruptcy proceedings, the bond issues will be terminated, the registration in the Norwegian Securities Depository will be cancelled, and any remaining claims will be abandoned, the notice said.

Tandberg is a Lysaker, Norway-based magnetic tape data storage company.

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