EQS-Ad-hoc: Branicks Group AG / Key word(s): Financing/Miscellaneous
Publication of inside information pursuant to Article 17 of Regulation (EU) No 596/2014 Branicks Group AG: Extension of terms of promissory note loans due in 2024 planned under preventive application of the StaRUG procedure, postponement of publication of the 2023 consolidated financial statements Frankfurt, 05.03.2024 – Branicks Group AG („Branicks“), ISIN: DE000A1X3XX4, has decided today to preventively notify the competent Local Court of Frankfurt am Main of a restructuring project for the promissory note loans due in 2024 in accordance with the Act on the Stabilisation and Restructuring Framework for Companies ("StaRUG"). The background to the planned notification are positively proceeding negotiations with the holders of the promissory note loans due in 2024 (in the amount of Euro 225 million) with the sole aim of extending the terms. The StaRUG procedure serves to secure the transaction, as in this context the necessary adjustments of all promissory note loans due in 2024 can already be effected with the approval of 75% of the nominal amount of the promissory note loans in question. The Management Board expects to achieve at least this majority. Due to the underlying timeline, Branicks is postponing the publication of the annual and consolidated financial statements for the 2023 financial year and its annual report until April 30, 2024. Parallel discussions with the lenders of the bridge financing for the acquisition of the shares in VIB Vermögen AG (in the amount of Euro 200 million) completed in 2022 are continuing as planned. The aim of these negotiations is also to extend the term. The plausibility of Branicks' concept is confirmed by an Independent Business Review by FTI-Andersch. The Management Board is convinced that it will be able to bring the ongoing negotiations to a positive conclusion. Branicks will continue to keep the capital markets and the general public informed about its further progress in accordance with statutory requirements.
IR Contact Branicks Group AG: Jasmin Dentz Neue Mainzer Strasse 32-36 D-60311 Frankfurt am Main Phone +49 69 9454858-1492 ir@branicks.com
PR Contact Branicks Group AG: Stephan Heimbach / Anita Lang Neue Mainzer Strasse 32-36 D-60311 Frankfurt am Main Phone +49 69 9454858-1569 pr@branicks.com End of Inside Information
05-March-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | Branicks Group AG |
Neue Mainzer Straße 32-36 | |
60311 Frankfurt am Main | |
Germany | |
Phone: | +49 69 9454858-1492 |
Fax: | +49 69 9454858-9399 |
E-mail: | ir@branicks.com |
Internet: | www.branicks.com |
ISIN: | DE000A1X3XX4, DE000A12T648, DE000A2GSCV5, DE000A2NBZG9 |
WKN: | A1X3XX, A12T64, A2GSCV, A2NBZG |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange |
EQS News ID: | 1851969 |
End of Announcement | EQS News Service |
|
1851969 05-March-2024 CET/CEST
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.