MS ‘Deutschland’ Beteiligungsgesellschaft mbH
MS ‘Deutschland’ Beteiligungsgesellschaft mbH and Reederei Peter Deilmann GmbH aim for restructuring under debtor-in-possession management according to § 270a German Insolvency Act (Eigenverwaltung)
MS 'Deutschland' Beteiligungs GmbH / Key word(s): Insolvency/Restructure of Company 29.10.2014 13:00 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- PRESS RELEASE MS "Deutschland" Beteiligungsgesellschaft mbH and Reederei Peter Deilmann GmbH aim for restructuring under debtor-in-possession management according to § 270a German Insolvency Act (Eigenverwaltung) - Restructuring under debtor-in-possession management enabling the rescue of MS Deutschland - Continuation of operations intended - Dry-docking continues to be targeted - Wages are secured - Wolfram Günther joins management as Chief Restructuring Officer Neustadt in Holstein, 29 October, 2014 The management of MS "Deutschland" Beteiligungsgesellschaft mbH today filed for insolvency with debtor-in-possession management (Eigenverwaltung) under § 270a of the German Insolvency Act (Insolvenzordnung) at the competent Eutin District Court. The restructuring under debtor-in-possession management will be led by Wolfram Günther, managing director of One Square Advisors GmbH, who has been appointed for this purpose as Chief Restructuring Officer by Callista Private Equity. Wolfram Günther is an acknowledged restructuring expert with significant experience in corporate and bond restructuring and is thus is well equipped to promote the restructuring of the business as quickly as possible. Cruises planned until scheduled dry-docking will be continued as intended. In addition, the comprehensive continuation of business operations is sought and a new financing plan is under development. Wolfram Günther states: "We must initiate a new restructuring phase. However, I am very optimistic that in time, we will bring the MS DEUTSCHLAND into safe waters. We will streamline the capital structure. One of my first major responsibilities will be to secure the financing of the dry-docking in order to enable the vessel to start this year's world cruise, as planned." The worsening of the liquidity situation following the bondholders meeting of MS Deutschland on October 8th, 2014 as well as the lack of additional required midterm funding commitments were the causes for a surprisingly rapid negative development of the financial status. "The measures commenced as of 2013 showed positive results, but that these were not sufficient to bring about the necessary success. 2015 booking is strong. At the same time, the restructuring of the balance sheet remains to be done. The debtor in possession management filed for today provides us with the time and means to address these issues," says Wolfram Günther. During preliminary debtor-in-possession, the wages of the employees are secured by the Federal Employment Agency. Details on the restructuring measures planned now will likely be presented at the upcoming bondholders' meeting on 12 November 2014 in Munich and at a subsequent press conference planned for 13 November 2014 in Hamburg. For further information, please contact: Investoren Christian Muschick Head of Investor Relations T: +49 4561 396 139 ir@deilmann.de Business Media edicto GmbH Axel Mühlhaus T: +49 69 905505 52 amuehlhaus@edicto.de Corporate Informationen BEIL2 Madeleine Beil T: +49 40 882153220 madeleine.beil@beilquadrat.de On MS "Deutschland" Beteiligungsgesellschaft mbH: MS "Deutschland" Beteiligungsgesellschaft mbH, headquartered in Neustadt in Holstein (Germany), operates cruises worldwide throughout the year as the owner of the ocean cruise liner MS DEUTSCHLAND, also known as the "Traumschiff" from the television series of the same name. With a length of 175m and a width of 23m, MS DEUTSCHLAND as "grand hotel of the high seas" has a total of 294 passenger cabins. Further Information: Capital Market Information: www.msdeutschland-gmbh.de Company Information: www.deilmann.de MS Deutschland TV: www.msdeutschland.tv This report contains forward-looking estimates and statements that were made on the basis of the information available at this time. Forward-looking statements reflect the point of view at the time they are made. MS "Deutschland" Beteiligungsgesellschaft mbH would like to point out that the actual circumstances and, consequently, the actual results realised at a later date may differ from the forecasts presented in this report for a variety of reasons. 29.10.2014 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: MS 'Deutschland' Beteiligungs GmbH Am Holm 25 23730 Neustadt in Holstein Germany Phone: 0049 4561 396-0 Fax: 0049 4561 8207 E-mail: info@deilmann.de Internet: www.msdeutschland-gmbh.de ISIN: DE000A1RE7V0 WKN: A1RE7V Listed: Frankfurt in Open Market (Entry Standard) End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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