New: Enable Investor Alerts
Be informed about new publications
New: AI Factsheet

Corporate News meets AI! 
Content analysis and summary

EN GIF 300X250

ESPG AG · ISIN: DE000A2NBY22 · EQS - adhoc news (60 News)
Country: Germany · Primary market: Germany · EQS NID: 1985513
10 September 2024 08:28PM

ESPG AG launches restructuring project according to StaRUG due to impending insolvency


EQS-Ad-hoc: ESPG AG / Key word(s): Capital Reorganisation/Real Estate
ESPG AG launches restructuring project according to StaRUG due to impending insolvency

10-Sep-2024 / 20:28 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Publication of inside information pursuant to Article 17 of Regulation (EU) No 596/2014

ESPG AG launches restructuring project according to StaRUG due to impending insolvency

  • Management Board and Supervisory Board of ESPG AG resolve to file a restructuring plan pursuant to StaRUG due to impending insolvency
  • Restructuring plan to provide for the creditors of the 2018/2026 bond to waive all claims under the bond in return for appropriate compensation; interest payment on 1 October 2024 to be cancelled
  • Investors commit fresh liquidity of around EUR 9.5 million to secure the company's continued existence in the event that the restructuring plan becomes legally effective

Cologne, 10 September 2024 The Management Board and Supervisory Board of ESPG AG (“ESPG” or “Company”) have resolved to file a restructuring plan with the competent local court in accordance with the German Act on the Stabilisation and Restructuring Framework for Businesses (StaRUG).

The resolutions were passed in light of the fact that all options pursued to finance the interest payment on the 2018/2026 bond due on 1 October 2024 have not yet been successfully implemented and the Management Board is no longer pursuing them. The Company is therefore at risk of insolvency, and the Management Board and Supervisory Board see the notification and implementation of StaRUG proceedings as the only remaining option for the successful restructuring of ESPG.

The restructuring plan shall include a waiver by the bondholders of all claims arising from the bond in return for appropriate compensation. A potential participation of the bondholders in the Company's future success will also be considered. It is planned to submit the restructuring plan to the court in the short term with the objective that its provisions will take effect by the end of October 2024. The interest payment on the 2018/2026 bond due on 1 October 2024 will no longer be made.

Subject to certain conditions, in particular the legal effectiveness of the restructuring plan, investors have already pledged to provide fresh liquidity of around EUR 9.5 million to secure the Company's continued existence.

The Company will inform the capital market and the public about the progress of the restructuring measures and the further course of the process in accordance with the legal requirements.



End of Inside Information

10-Sep-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


Language: English
Company: ESPG AG
Kleingedankstraße 11a
50677 Köln
Germany
Phone: +49 (0)22180149800
Internet: https://espg.space
ISIN: DE000A2NBY22
WKN: A2NBY2
Listed: Regulated Unofficial Market in Dusseldorf, Frankfurt
EQS News ID: 1985513

 
End of Announcement EQS News Service

1985513  10-Sep-2024 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=1985513&application_name=news&site_id=boersengefluester~~~ace3d64b-2049-452a-8d18-fbc8044c4b5f

This publication was provided by our content partner EQS3.

EQS Newswire
via EQS - Newsfeed
EQS Group AG ©2024
(DGAP)
Contact:
Karlstraße 47 D-80333 München
+49 (0) 89 444 430-000

 

SMART * AD
EN GIF 970X250

P R O D U C T   S U G G E S T I O N S

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.