Taptravel informs on liquidity problems, that the company has secured a temporary bridge loan and is preparing for a new share issue
Taptravel Nordic AB (publ) ("Taptravel" or the "Company”, and together with its subsidiaries, the "Group”) has outstanding bonds under the senior secured bonds 2024/2028 with ISIN NO0013326041 (the "Senior Bonds") and the super senior secured bonds 2025/2028 with ISIN NO0013699975 (the "Super Senior Bonds" and, together with the Senior Bonds, the "Bonds").
Background and current liquidity shortfall
As announced in a press release on 12 June 2026, Taptravel opted to settle the interest payment due on 3 July 2026 under the Senior Bonds by means of capitalisation (PIK) and, as announced in a press release dated 30 June 2026, Taptravel failed to make the full interest payment due on 3 July 2026 under the Super Senior Bonds. Default interest for the period from (but excluding) 3 July 2026 up to and including the date when full payment of the interest has been paid, will be paid in accordance with the terms of the Super Senior Bonds. The Group has since then continued to experience liquidity problems and, following the identification of acute liquidity problems during July this year, has held constructive discussions with certain of the Company's shareholders to find a temporary solution for the Group’s financing and capital structure.
The Company's operating subsidiary, Big Travel Sweden AB ("BIG Travel"), has been involved in, and continues to have ongoing and/or planned, court proceedings with creditors regarding outstanding payments that are disputed or subject to the condition that the Company adheres to a payment plan.
BIG Travel also has debts registered with the Swedish Enforcement Authority (Kronofogden), which the Company and BIG Travel intend to settle as soon as possible.
New share issue and bridge loan
The Company has reviewed the options for raising new capital and is preparing for a new share issue, which is planned to take place during the second half of August this year. The detailed terms of the new share issue will be announced separately and will be subject to approval at a general meeting.
One of the Company's major shareholders has provided the Company with SEK 10 million as an advance, and today further SEK 1.3 million has also been secured through a bridge loan from certain of the Company's representatives and indirect shareholders, with the aim of covering part of the most critical liquidity shortfall. The Company has today paid some of the outstanding payments required for enabling withdrawal of the most imminent court proceedings. The advance and the bridge loan entered into today have been essential to enable these claims and other critical payments to be made, and to ensure that the Company can continue to operate on a solvent basis.
The advance may be increased if necessary, up to the date of the planned new share issue, and the intention is that the advance will be set-off in full against shares in the planned new share issue. The bridge loan will be repaid as soon as possible and no later than 31 August 2026.
Uncertainties and grounds for termination
As is evident from the background section and the new share issue described above, there are uncertainties regarding the Group's financial future unless the current liquidity shortfall can be resolved, and there are currently outstanding events of defaults under the terms of the Bonds. The events of defaults are expected to be remedied in connection with the new share issue. The Company will also, during August of this year, review the possibility of amending the existing terms and conditions of the Bonds as necessary.
Outlook
Despite the uncertainties described above and current liquidity problems, the Company's operations are performing well and the Group's customers continue to regard BIG Travel as a trusted and preferred partner. An update regarding the Company’s budget for 2026 through 2028 is expected to be published in connection with the announcement of the terms of the new share issue.
CEO Johan Nyrén comments on the situation: "It is unfortunate that we have now encountered such critical liquidity problems, which are primarily due to continued capital being tied up in the form of advance payments for travel purchases/bookings, as well as outstanding liabilities that need to be repaid. At the same time, business is going well, in line with the Company's Q1 report, and, with the shareholders' help, we are optimistic about the future, and in particular that there are shareholders who continue to believe in the company and wish to invest in our growth journey. The digital platform is attracting new customer contracts, and with improved gross profit margins alongside lower operating costs from Q3/Q4, this points to a positive outlook for the Company for the remainder of 2026 and 2027."
For further information, please contact:
Johan Nyrén, CEO
Telephone: +46 73-682 15 63
Email: johan.nyren@bigtravel.se
This information is information that TapTravel Nordic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-07-10 19:15 CEST.