Scholz Holding GmbH
Scholz Holding GmbH: Financial restructuring of Scholz Holding GmbH approaches successful conclusion
Scholz Holding GmbH / Key word(s): Bond 20.05.2016 10:55 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 Scholz Holding GmbH London, 20 May 2016 Financial restructuring of Scholz Holding GmbH approaches successful conclusion - Curator reaches agreement on restructuring of the bond and submits proposals to Commercial Court in Vienna for approval - Transaction receives unanimous support of Persons of Trust The financial restructuring of Scholz Holding GmbH is progressing towards a successful conclusion, leading to a comprehensive restructuring of the Company's balance sheet based on consensual haircuts granted by the key secured and unsecured lenders. In a hearing at the Commercial Court in Vienna yesterday Dr. Ulla Reisch, the Curator representing the holders of the company's EUR 182.5m unsecured Austrian bond 2012-2017, announced that she had reached an agreement in order to settle all outstanding claims from bondholders. Importantly, the agreement has received the unanimous support of the persons of trust, elected by the bondholders. According to the agreement, the bondholders shall receive a cash payment of EUR 14m (7.67% of the total volume of the bond) and the potential of an earn-out payment amounting to EUR 5.8m (3.18% of the total volume of the bond), dependent on the development of the EBITDA of Scholz Group for 2016 and 2017. The Curator formally submitted the agreement to the Court yesterday afternoon with the Court expected to respond early next week. As previously announced, the Chiho-Tiande Group (CTG), the largest metal recycling group in China, had previously submitted an offer to certain holders of the Company's secured debt for the purchase of their claims. Nearly all secured lenders have accepted the offer so far and it is expected that 100% consent will be achieved. Contact: Frank Elsner Kommunikation für Unternehmen GmbH Frank Elsner Tel.: +49 89 99 24 96 30 E-Mail: office@elsner-kommunikation.de 20.05.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: Scholz Holding GmbH Office Number: 610, 68 King William Street EC4N 7DZ London United Kingdom Phone: 0044 20 7959 2291 Fax: E-mail: infoscholz@scholz-group.com Internet: www.scholz-group.com ISIN: AT0000A0U9J2 WKN: A1MLSS Listed: Open Market in Frankfurt ; Wien (Geregelter Freiverkehr / Second Regulated Market) End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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