curasan AG: curasan AG and Donau Invest, Vienna, agree on a restructuring concept by an insolvency plan
Kleinostheim, Germany, 25 June 2020 - In the ongoing insolvency proceedings, curasan AG (shares: ISIN DE000A2YPGM4 / convertible bond: ISIN DE000A2TR497) today concluded a binding investment agreement with Donau Invest Beteiligungs Ges. m.b.H., Vienna, for the financial restructuring of the company within the framework of an insolvency plan.
The signing of the investment agreement and the binding key points paper for the insolvency plan in the curasan AG proceedings took place with the consent of the creditors' committee and the insolvency administrator, lawyer Frank Schmitt.
In implementation of this agreement, an insolvency plan will be submitted to curasan AG's creditors for approval as soon as possible. This plan provides that Donau Invest will make the necessary amounts available to curasan AG until curasan AG is sustainably financially restructured. The creditors of curasan AG, who are to waive part of their claims, will be satisfied from a further amount made available by Donau Invest at a quota the exact amount of which will also depend on the development of the operating business in the coming weeks. The restructuring concept currently already being implemented will be further implemented in the interest of the company's creditors. The corresponding creditors' meeting will probably vote on the insolvency plan to be presented at a voting and discussion meeting in the course of the third quarter of 2020. From today's perspective, approval of the plan can be expected.
In order to ensure the continued existence of curasan AG until the insolvency plan is confirmed, Donau Invest has committed itself to make the necessary liquidity available to the company by means of a so-called mass loan.
The transaction is subject to customary market conditions, such as antitrust approvals.
A further essential component of the insolvency plan for curasan AG to be submitted to the creditors is to be a capital reduction to probably zero euros and a subsequent cash capital increase. In a first step, the new shares are to be fully subscribed by Donau Invest. The existing shareholders will not be allowed to participate in this capital measure. They will not be granted a right to subscribe for new shares. This is the only way to achieve a thorough restructuring of curasan AG. The legal admissibility of such a procedure has been confirmed by the competent courts, among others in the insolvency proceedings of Pfleiderer AG and IVG AG, which have also been restructured by means of an insolvency plan. Both plans were implemented in this way. As a result of these measures, the existing shareholders are to leave the company. Under the insolvency plan, curasan AG should be delisted and continue to exist as an unlisted company.
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