Charles Barker Corporate Communications GmbH
Fürstenberg-bondholders to challenge NordLB’s unlawful termination of notes in court
Hamburg, August 3, 2021. As previously announced on March 25, 2021, a group of institutional bondholders (“the group”) represented by Quinn Emanuel Urquhart & Sullivan, LLP, Hamburg, who are now holding more than 35 per cent of the relevant outstanding Fürstenberg notes, have previously strongly objected to Norddeutsche Landesbank’s (“NordLB”, “the bank”) purported exercise of an extraordinary termination of the silent participation agreements underlying the Fürstenberg notes. The Fürstenberg notes (ISIN XS0216072230, ISIN DE000A0EUBN9 and ISIN DE000A0EUB29) have a total nominal value of approximately 400 million Euro. From the perspective of the group and its legal advisors, the attempt to exercise an extraordinary termination of the silent participation agreements underlying the Fürstenberg notes – marketed by NordLB to both retail and institutional investors – is invalid for a number of reasons and could result in significant losses in the hundreds of millions of Euros to holders of the notes.
The group sought to engage in good faith negotiations with the bank over a number of months but the bank has not responded to these attempts. In order to protect their interests the bondholders have on Friday 30th July filed a lawsuit against NordLB with the District Court of Hanover, seeking a declaratory judgment that the termination is invalid. In the alternative, they request compensation for damages. The group is also objecting to NordLB’s attempts to have the silent participations share multiple times in the balance sheet loss the bank incurred in the financial year 2019. Press contact Charles Barker Corporate Communications Peter Steiner / Tobias Eberle NordLB-bondholders@charlesbarker.de +49 69 794090-27 / -24 End of Media Release Issuer: Charles Barker Corporate Communications GmbH Key word(s): Finance
03.08.2021 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG. |
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