Summons for Bondholders Meeting

Reference is made to earlier press-releases

Reference is made to earlier press-releases on this subject, the latest on 7 August 2009 announcing that the due dates for payment of interest for each of the Bond Loans has been further deferred until 21 August 2009 for the USD 175 million second lien bond loan and 25 August 2009 for the USD 75 million convertible loan.

Accordingly a standstill has been agreed with the banks until 21 August 2009, and the banks has agreed to refrain from declaring any potential default under the loan agreement during the same period. The discussions between the banks, the bondholders and the company are continuing, and in order to facilitate this a summons for a new Bondholder Meeting to be held on 24 August 2009 will be issued today asking the Bondholders in the two Loans to:

Increase the first priority headroom in the two Bond Loan agreements from USD 320 millions to USD 340 millions to allow for a working capital facility provided by the banks.
Give the Loan Trustee a Power of Attorney to further defer interest payment due dates on a monthly basis provided 50% of the Bondholders agree and certain other conditions are being fulfilled. Each new deferral of the interest payment due dates will be subject to the banks agreeing to release sufficient working capital for the same period. The present Power of Attorney granted to the Loan Trustee to defer the interest payments on a 10 days basis is consequently withdrawn.
Authorise and instruct the Loan Trustee under certain conditions to arrange for the payment of certain fees to the Bondholder’s and the Loan Trustee’s advisors.

The Loan Trustee will seek the Bondholder’s approval to use its current Power of Attorney to defer the present interest payment due date for the USD 175 mill Bond Loan from 21 August to a new agreed Due date.

This will give the Company more time to continue the discussions with its banks and bondholders in order to seek a solution to its current financial challenges.

For further information, please contact:

   Anders Holm, CEO
   aho@nexusfp.no
   +47 90 60 50 72

   Arild Bårdsen, CFO
   aba@nexusfp.no
   +47 92 66 75 90