New Nordic Asia Monthly Newsletter September 2021

Dear Client,

The months of August and September were spent under various degrees of COVID-19 lockdown across our projects in Cambodia, Philippines and Indonesia. In both Indonesia and Cambodia, we continue toward a comprehensive plan for the resumption of construction activities along with realignment of the fit and finish of the projects. We are exploring alternate use cases for the Sunshine Hotel & Resort beyond the planned hotel operation, including partnerships with local casinos who may be in the best position to quickly fill the property post-pandemic. For the Bali Waterworld, we are in negotiations with two hotel management companies who have expressed interest in the project. All of these actions are being taken to ensure that the properties can generate revenue as quickly as possible once the tourism industry begins to recover. At the moment, borders remain closed to tourists and business travelers must undergo strict quarantine in both locations.

Some clients have expressed frustration with the continued pause on construction activities. We remind everyone that the cost to hibernate projects in their current condition is substantially less than maintaining a completed building. As we are making every attempt to preserve value in the projects, we maintain our position to preserve as much capital as possible until a sustainable use case is developed in relation to the post-pandemic tourism era.

You are welcome to submit questions for the event to our Helpdesk at helpdesk@nng-restructuring.com.

As always, we wish you good health and safety during these challenging times.

New Nordic Restructuring Team