TEAM Treuhand GmbH
TEAM Treuhand GmbH: Creditors’ assembly in insolvency proceedings over estate of AEG Power Solutions GmbH on 6 April 2017 voted for the insolvency plan; restructuring successfully completed
DGAP-News: TEAM Treuhand GmbH / Key word(s): Miscellaneous TEAM Treuhand GmbH: Creditors’ assembly in insolvency proceedings over estate of AEG Power Solutions GmbH on 6 April 2017 voted for the insolvency plan; restructuring successfully completed – On 6 April 2017, the creditors’ assembly in the insolvency proceedings over the estate of AEG Power solutions GmbH unanimously voted for the proposed insolvency plan. – Pursuant to the insolvency plan the Guarantee for the repayment of the 2014/2019 Bond assumed by AEG Power solutions GmbH remains in the amount of 14% of the outstanding 2014/2019 Bond. – Also on 6 April, 2017, the insolvency court approved the insolvency plan. Thus, the insolvency proceedings will probably be lifted within the course of April 2017. – The capitalization of interest agreed upon in the Bondholders’ meeting of 5 January 2017 has been implemented via a pool factor, thus interest will become due and payable with the repayment of the 2014/2019 Bond and will not be paid during the year. Berlin, 11 April 2017 Insolvency proceedings over estate of AEG Power Solutions GmbH and claim from the guarantee On 1 February 2017, Arnsberg Local Court commenced insolvency proceedings regarding the assets of AEG Power Solutions GmbH as debtor-in-possession proceedings. AEG Power Solutions GmbH guarantees the repayment of the 2014/2019 bond issued by 3W Power S.A. (ISIN DE000A1ZJZB9/WKN A1ZJZB – the “2014/2019 Bond”) on the basis of a guarantee dated 29 July 2014 (the “Guarantee“). In the bond terms of the 2014/2019 Bond (“Bond Terms“), TEAM Treuhand GmbH was appointed joint representative for the bondholders (“Joint Representative“). Creditors’ assembly unanimously voted for the insolvency plan on 6 April 2017 TEAM Treuhand GmbH took part in the creditors’ assembly in the insolvency proceedings over the estate of AEG Power solutions GmbH in the interest of the bondholders of the 2014/2019 Bond (“Bondholders“) on 6 April 2017. The creditors’ assembly unanimously voted for the proposed insolvency plan. Apart from the necessary capital measures and a restructuring concept, the plan provides for a plan quota of 14% for all unsecured insolvency creditors that are not subordinated. Pursuant to the insolvency plan, the Guarantee will be limited to a total of EUR 6,553,251.72, which corresponds to a plan quota of 14% referring to an outstanding amount of the Bond including interest of EUR 46,808,940.89 on 1 February 2017 when the insolvency proceedings were opened. However, payments will only be made in case a guarantee claim arises, that is when 3W Power S.A. fails to repay the 2014/2019 Bond. Insolvency court approved insolvency plan on 6 April 2017 Subsequent to the creditors’ assembly, Arnsberg Local Court as insolvency court approved the insolvency plan on 6 April 2017. Once the plan becomes legally binding, the insolvency proceedings over the estate of AEG Power Solutions GmbH will be lifted which is to be expected within the course of April 2017. The restructuring will then be successfully completed. Capitalization of interest, resolution in Bondholders’ meeting on 5 January 2017 The capitalization of interest agreed upon in the Bondholders’ meeting of 5 January 2017 has been implemented via a so-called pool factor, for the first time for the interest rate due on 28 February 2017. Reference is made to the report of the Joint Representative of 20 March 2017. With the adoption of the insolvency plan by the creditors’ assembly another condition for the final and binding effectiveness of the resolution has been satisfied. The Joint Representative will continue to rigorously audit and support the insolvency proceedings and restructuring efforts outlined in the insolvency plan in the interests of the Bondholders. Disclaimer This document is solely to inform the Bondholders of the EUR50 million bond of 3W Power S.A., Luxembourg. Details about the operations, assets, earnings and financial situation of 3W Power S.A. and its associated enterprises and about the restructuring of AEG Power Solutions GmbH have not be reviewed by the Joint Representative as to their accuracy or completeness. The Joint Representative assumes no liability as to their accuracy or completeness. Insofar as this document contains details of the economic outlook, the Joint Representative assumes no liability for their actual occurrence. The Joint Representative liability is limited to willful intent and gross negligence. Liability for gross negligence is limited to ten times the Joint Representative’s annual remuneration. The Bondholders are advised to gather comprehensive information themselves and if necessary seek legal, tax and financial advice. Contact: TEAM Treuhand GmbH
11.04.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |