BIOPETROL INDUSTRIES AG
BIOPETROL INDUSTRIES AG successful financial restructuring
BIOPETROL INDUSTRIES AG / Capital Reorganisation
Release of a Corporate News, transmitted by DGAP – a company of EquityStory
AG.
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* Majority shareholders take over 99,1 % of the convertible bond of 75mEUR
* BIOPETROL agrees with the majority shareholders a strengthening of
capital and liquidity
* Financial restructuring extended by a package of measures relating to
staffing, organisation and optimisation of contract conditions.
Zug, 22nd April 2009: On the 16th February this year BIOPETROL reported
the necessity for financial restructuring aimed at ensuring the
continuation of BIOPETROL INDUSTRIES AG. Since then many meeting have been
held with Bond-Holders, Banks, potential investors and business partners to
discuss their possible contributions to securing and continuation of the
business of the BIOPETROL Group.
The original goal of the company, to bring the bond-holders to agree to an
early conversion of the bonds to shares, could not be reached. Right up to
the last minute there remained too large a gap between the demands of the
bond-holders and the financial means of BIOPETROL INDUSTRIES AG. Given this
situation the majority shareholders agreed to purchase the bonds from the
existing bond holders. To date 99.1% of the 75mEUR bond value has been
transferred to the majority shareholders.
The majority shareholders, now as major Bond-Holder, BIOPETROL FINANCE B.V.
and BIOPETROL INDUSTRIES AG have agreed the following changes to the bond
conditions for the bonds held by the majority shareholders:
1.Reduction in the bond payable for BIOPETROL Finance B.V. through the
early conversion of part of the bond into shares from the approved capital
of the company and a waiver of conversion rights for the remainder of the
bonds held. This re-structuring of the relations of the bond holdings to
the majority shareholdings has the effect of strengthening the capital
situation of BIOPETROL INDUSTRIES AG.
2.Extending the term of the bond by 2 years until 21st February 2014. This
is better in line with the expected long term cash flows of the company.
3.Waiver of interest and compensation from previous interest periods.
4.Reduction of the bond interest coupon. This together with the reduced
volume of bonds significantly reduces the interest burden for the company.
5.Provide BIOPOPETROL INDUSTRIES AG with financing to market conditions.
This removes the need for the current bank financing facility and increases
the financial flexibility of the company via the agreement of more
appropriate covenants and security.
6.Securing the rights arising from the bonds held by the new bondholder
(the majority shareholders) through pledges on the Biodiesel plant in
Rotterdam and stakes in BIOPETROL ROTTERDAM B.V.
The restructuring plan for the BIOPETROL Group also includes a package of
further measures which together strengthen the financial position of the
company, improve its profitability and creates the basis for the successful
continuation of the BIOPETROL group in times of political and economic
uncertainty in Europe but especially in the German Biodiesel market. These
measures include short-time working and reduction in staff numbers, rental
of not currently needed tank storage, optimization of the use of production
capacity, agreeing changes to contracts and a move to half-yearly instead
of quarterly financial reporting.
The Management and the Board of BIOPETROL INDUSTRIES AG are convinced,
that these agreements and measures mean the company can be steered through
the difficult times ahead. The participation and engagement of the majority
shareholders acts to stabilise the Group in the market and gives customers
and suppliers more assurance for doing business long-term with BIOPETROL
INDUSTRIES AG.
About the company
With its German, Dutch and Swiss subsidiaries, BIOPETROL INDUSTRIES AG,
which has its head office in Zug (Switzerland), produces and sells
biodiesel and pharmaceutical-grade glycerine of the highest quality. Among
our customers are the oil industry and oil traders, large-scale fleet
operators, public short-distance transport, as well as the agricultural and
construction industries. The pharmaceuticals and cosmetics industries are
in addition supplied with bioglycerine of pharmaceutical quality.
At the present date, BIOPETROL INDUSTRIES AG has annual productive
capacities in Schwarzheide and Rostock of around 350,000 tonnes of
biodiesel and 30,000 tonnes of pharmaceutical-grade glycerine.
In Rotterdam, BIOPETROL is building an installation with an annual
productive capacity of 400,000 tonnes of biodiesel and 60,000 tonnes of
bioglycerine. Thus the annual capacity will then be more than doubled to a
total of 750,000 tonnes of biodiesel. Further expansion of capacity in
Rotterdam is planned. We are working actively on extending our product
range, based on the coproduct bioglycerine.
Disclaimer
This press release represents neither an offer for sale nor a request for
the submission of an offer to purchase or subscribe to securities. This
announcement and the information contained therein are not intended to be
directly or indirectly passed on to or within the United States of America,
Canada, Australia or Japan.
Contact
Public Relations
Andrea Beyer
Phone +49 (0) 211 15 77 96 10
Mail: andrea.beyer@biopetrol-ind.com
Contact
Investor Relations
Gerd Rückel
Phone +49 (0) 69 577 0 300 31
Mail: gerd.rueckel@biopetrol-ind.com
22.04.2009 Financial News transmitted by DGAP
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