Ad-hoc | 25 February 2016 20:42
DF Deutsche Forfait AG / Key word(s): Insolvency
25.02.2016 20:42
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DF Deutsche Forfait AG: Meeting of creditors successfully held
- Debtor-in-possession status, insolvency monitor and creditors'
committee confirmed
- Key data of a possible insolvency plan presented: Restructuring by way
of partial waiver of debts, capital decrease and subsequent non-cash
and cash capital increases while retaining stock exchange listing
Cologne, 25 February 2016 - In the insolvency proceedings over the assets
of DF Deutsche Forfait AG (Prime Standard ISIN: DE000A14KN88) ("Company") a
first meeting of creditors took place today in which the
debtor-in-possession status, the insolvency monitor and the creditors'
committee were confirmed and in which key data of a possible insolvency
plan were presented.
The key data of the insolvency plan provide for the Company to be continued
while retaining the stock exchange listing and to reshape its capital
structure by way of a partial waiver of debts, a capital decrease and a
subsequent cash capital increase as well as a capital increase against
contribution in kind. In this way a balance between the shareholders' and
the Company's interests in the Company's continued existence and access to
capital markets as well as the creditors' interests in a best possible
satisfaction of their claims is intended.
The creditors' waiver of debt is intended to amount to 61% in a first step.
Hence, amounts corresponding to an insolvency dividend of up to about 39%
may be cashed out. In contrast, in case of breaking up the
Company/liquidation of the Company, a dividend of approximately 20% would
have to be expected. The Company's share capital which currently amounts to
EUR 6,800,000.00 and which is divided in just as many no-par value
registered shares is intended to be decreased in a first step by the
merging of shares in the ratio of ten to one by EUR 6,120,000.00 to EUR
680,000.00 (capital cut). In a second and third step, a subsequent capital
increase against contribution in kind of up to EUR 4,022,000.00 as well as
a cash capital increase of up to EUR 7,500,000.00 are intended to be
carried out. The capital increase against contribution in kind is supposed
to be executed by contribution of claims for repayment resulting from the
failed cash capital increase in 2015. The participants of the cash capital
increase 2015 are invited to contact the Company under
barkapitalerhoehung@dfag.de if they intend to take part in the capital
increase against contribution in kind.
Regarding the cash capital increase an investor could be found who is
willing to participate in the cash capital increase and to subscribe up to
7,500,000 new shares in the Company, subject to a satisfactory completion
of a due diligence process.
Filing of the insolvency plan is intended to take place at the beginning of
the upcoming week, 29 February 2016.
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
25.02.2016 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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