Charles Barker Corporate Communications GmbH
Holders of approximately 1 billion EUR of listed HSH bonds file lawsuit against HSH Nordbank AG in Germany
Hamburg/Kiel, 7 January 2019
On 28 December 2018, 18 investment firms based in Germany, elsewhere in Europe and the United States (the “Investors”) that hold approximately 1 billion EUR of listed tier 1 instruments issued by HSH Nordbank AG (“HSH”) filed a lawsuit against HSH at the Kiel district court in Germany. The Investors seek a write-up to par of the tier 1 instruments and monetary damages for improperly missed coupons, for a total claim against HSH in the amount of 1.0 billion EUR. The Investors filed the same claims on behalf of the issuer of the indirectly issued SPHERE and SPARC tier 1 instruments in the alternative, for the benefit of all SPHERE and SPARC bondholders, increasing the total claims against HSH to 1.4 billion EUR. HSH has engaged in various schemes over a number of years, seemingly for the sole purpose of writing down improperly the tier 1 instruments. The Investors key allegations are, without limitation:
In preparation for their lawsuit against HSH in Germany, the Investors sought judicial assistance pursuant to 28 U.S.C. 1782 in the United States to obtain discovery from certain affiliates of the new owners of HSH: Cerberus Capital Management, L.P., J.C. Flowers & Co. LLC and GoldenTree Asset Management L.P. On 17 December 2018, the Southern District of New York granted, in large part, the Investors’ request, and authorized the issuance of the requested subpoenas which have now been served. While the Investors move forward with this litigation and reserve all rights with respect to further legal options, they remain willing to engage with HSH and its advisors to find a mutually agreeable solution. Contact for holders of HSH tier 1 instruments: Dr. Nadine Herrmann, Partner, Quinn Emanuel Urquhart & Sullivan, LLP + 49 40 89728-7000 NadineHerrmann@quinnemanuel.com Press contact: Charles Barker Corporate Communications GmbH Tobias Eberle / Thomas Katzensteiner +49 69 794 090 -24 / -25 Tobias.Eberle@charlesbarker.de Thomas.Katzensteiner@charlesbarker.de End of Media Release Issuer: Charles Barker Corporate Communications GmbH
07.01.2019 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG. |
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