Ad-hoc | 29 September 2015 17:15
DF Deutsche Forfait AG / Key word(s): Restructure of Company
29.09.2015 17:15
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
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The issuer is solely responsible for the content of this announcement.
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DF Deutsche Forfait AG files for Schutzschirmverfahren in order to continue
its restructuring process
- Talks with investors have not yet delivered a positive result
- Sales offers from bondholders amounting to EUR 2.5 million are
insufficient
Cologne, 29 September 2015 - With a view to continuing its restructuring
process, the Board of Management of DF Deutsche Forfait AG (Prime Standard,
ISIN: DE000A14KN88) today decided to file an application for the opening of
a "Schutzschirmverfahren in Eigenverwaltung" (a three-month phase of
creditor protection with debtor-in-possession status) with the Cologne
local court. This step has become necessary after the talks with investors
on filling the existing equity capital gap failed to deliver a positive
result to meet the 30 September deadline. Meeting this deadline was a
condition precedent for the official entry in the Company's Registry of the
cash and non-cash capital increases carried out in June and July 2015,
respectively. These capital measures were designed to strengthen the equity
capital which had been severely depleted as a consequence of the OFAC
listing as well as to achieve the minimum strengthening of the equity
capital stipulated in the IDW S6 restructuring report. In addition, only an
insufficient number of bondholders have to date agreed to sell their bonds
at a 50% discount to their nominal value. As of this morning, the company
was in receipt of sales offers for bonds worth EUR 2.5 million (nominal),
which was EUR 2.5 million short of the required volume.
Assuming that the court grants the "Schutzschirmverfahren in
Eigenverwaltung" filing, DF Deutsche Forfait AG will have the possibility
to complete the restructuring which it has launched based on a sustainable
restructuring plan and implemented successfully in large parts without the
threat of foreclosures being filed by creditors. By remaining
debtor-in-possession during the Schutzschirmverfahren period and continuing
its operations, the company intends to push ahead the promising development
of its business operations seen in recent months and to regain its position
in its familiar markets. Again assuming that the court will grant the
application, DF Deutsche Forfait AG's affairs will continue to be managed
by its existing Board of Management. The company envisages continuing the
full extent of its operations.
During the fixed three-month period of the Schutzschirmverfahren, DF
Deutsche Forfait AG will be protected from foreclosures and other
enforcement measures by creditors and will retain its full capacity to
conduct business. The Board of Management has opted for this route in order
to bring the talks with the various investor groups to a successful
conclusion with a view to restructuring the company on a sustainable basis.
DF Deutsche Forfait AG
Christoph Charpentier
Kattenbug 18 - 24
50667 Cologne
T +49 221 97376-37
F +49 221 97376-60
E investor.relations@dfag.de
http://www.dfag.de
29.09.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: DF Deutsche Forfait AG
Kattenbug 18-24
50667 Köln
Germany
Phone: +49 (0)221 - 973 76 0
Fax: +49 (0)221 - 973 76 76
E-mail: dfag@dfag.de
Internet: www.dfag.de
ISIN: DE000A14KN88, DE000A1R1CC4,
WKN: A14KN8, A1R1CC
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart
End of Announcement DGAP News-Service
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