Elkem - Application for change of debtor

06.01.2006: Elkem AS and Orkla ASA have today decided to apply for a change of debtor for the Elkem bonds listed on the Oslo Stock Exchange, ELK 14, ELK 15 and ELK 18.

If the application is approved by the bondholders, Orkla ASA will become the new debtor in respect of the bonds. The application will be sent to Norsk Tillitsmann in its capacity as trustee for Elkem's bonds.
In order to become the new debtor Orkla ASA has stipulated that the clauses of the bond agreements regarding the provision of security (negative pledge) and cross default must be amended so as to correspond with the clauses applicable to Orkla ASA's other outstanding bonds listed on the Orkla Stock Exchange.