New Nordic Development – Monthly Newsletter 23 September 2021

Dear Client,

The months of August and September were spent under various degrees of COVID-19 lockdown across our projects in Thailand, Cambodia, Philippines and Indonesia. In Thailand, cases seem to have peaked but remain high, especially in Bangkok and Chonburi, including the city of Pattaya. We have maintained our commitment to provide updates and support to clients from our Pattaya headquarters, despite multiple staff testing positive for COVID-19 and the associated impact to our operations. Despite rumors of ‘reopening’ the country on October 1, there have been no official announcements as to what this would mean in practical terms. Given the current nationwide alcohol ban, along with strict curfew enforcement, we find it unlikely that the government would lift restrictions in anything but a careful, phased manner.

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.

Based on the positive feedback we received from our last webinar event, we would like to announce a new event in the month of October. As before, the event will be held in English with a recorded version available for clients who are unable to attend live. Further, transcripts in both French and Russian will be made available a few days after the event.

You will be receiving a separate e-mail in the coming days with the exact date a registration link for the event. Kindly note that this link is valid for one simultaneous entry into the event, thus cannot be shared.

You are welcome to submit questions for the event to our Helpdesk at [email protected] or submit them live during the event using the Q&A tool. Please note that live submissions will be prioritized based on their relevancy to as many clients as possible.

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

New Nordic Restructuring Team