TEAM Treuhand GmbH
TEAM Treuhand GmbH: 3W Power S.A. will restructure its subsidiary AEG Power Solutions GmbH with protective shield proceedings under German law
DGAP-News: TEAM Treuhand GmbH / Key word(s): Miscellaneous TEAM Treuhand GmbH: 3W Power S.A. will restructure its subsidiary AEG Power Solutions GmbH with protective shield proceedings under German law * AEG Power Solutions GmbH applies for protective shield proceedings in self-administration * TEAM Treuhand GmbH will represent bondholders as their common representative. Berlin, 22 November 2016. 3W Power S.A., Luxembourg, listed on the general standard of the Frankfurt Stock Exchange (ISIN LU1072910919 / WKN A114Z9), announced on 22 November 2016 that its loss-making subsidiary AEG Power Solutions GmbH based in Warstein-Belecke, Germany, has applied for protective shield proceedings (“Schutzschirmverfahren“). AEG Power Solutions GmbH is a guarantor for the repayment of a bond 2014/2019 (ISIN DE000A1ZJZB9 / WKN A1ZJZB) issued by 3W Power S.A. Under the terms of the bond, TEAM Treuhand GmbH is the common representative for the bondholders. The insolvency court of Arnsberg, Germany, has therefore appointed TEAM Treuhand GmbH as a member of the creditor committee on behalf of the bondholders. Protective shield proceedings under German law are a special form of insolvency proceedings. They enable the restructuring of a business under court supervision. The management remains in control as a self-administrator, but is supervised by a court-appointed custodian. In addition, the court appoints a creditor committee which also has supervisory tasks and works closely with the custodian. TEAM Treuhand GmbH is taking part in intensive discussions with all stakeholders and will critically review and participate in the restructuring efforts to protect the interests of the bondholders. Contact: TEAM Treuhand GmbH
2016-11-24 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |