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Schutzgemeinschaft der Kapitalanleger e.V.

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DGAP-News News vom 01.05.2017

Schutzgemeinschaft der Kapitalanleger e.V.: Bond 13/18 (WKN A1TNA3/ISIN DE000A1TNA39) of Rickmers Holding AG - Conference call to inform interested bondholders to enable them to pool their interests in connection with the forthcoming bondholder meeting

DGAP-News: Schutzgemeinschaft der Kapitalanleger e.V. / Key word(s): Bond/Capital Reorganisation

01.05.2017 / 10:50
The issuer is solely responsible for the content of this announcement.

SdK Schutzgemeinschaft der Kapitalanleger e.V. ("SdK") and Delta Alternative Management ("Delta") would like to invite bondholders for a conference call for information purposes on

Wednesday, 3 May 2017 at 4 pm CET

regarding the planned bondholder meeting of the bond 13/18 (die "Rickmers Bond") of Rickmers Holding AG ("Rickmers" or the "Company"). The background to this conference call is the invitation published by Rickmers in relation to a proposed vote without meeting of bondholders starting on Monday 8 May at midnight CET and finishing on Wednesday 10 May midnight CET. In the invitation, the Company asks bondholders to approve (1) the appointment of a common representative of the bondholders and (2) the authorization of the common representative to implement the planned restructuring of the Rickmers bond in line with the restructuring concept as proposed by the Company.

SdK and Delta reject both asks from the Company.

They reject the appointment of the candidate for the position of the common representative as proposed by the Company as it is obvious to them that this candidate will not act independently from the Company and therefore not negotiate a transaction which will be acceptable to the bondholders.  Therefore they want to propose their own candidate for such position and propose to appoint Mr Felix Schaefer as common representative. Mr Schaefer possesses the necessary knowledge about similar restructuring situations due to his position as partner of Tauris Capital, an advisory firm for complex special situations in the Mittelstand. This will allow him to properly represent the interests of the bondholders. Mr Schaefer will introduce himself to the bondholders on the conference call on 3 May.

In addition, SdK and Delta propose to authorize the common representative to appoint the investment bank Houlihan Lokey EMEA, LLP ("Houlihan Lokey") as financial advisor on behalf of the bondholders. Houlihan Lokey specialises in financial restructurings. As the Company has already appointed One Square Advisors as their financial advisor it is urgently required to also appoint a financial advisor on behalf of the bondholders. Such appointment of a separate financial advisor for the creditors is also international standard in financial restructurings. The Company will have to bear the costs for both the appointment of the common representative and the appointment of Houlihan Lokey such that there will be no costs involved for the bondholders. Houlihan Lokey will also introduce themselves to the bondholders on the conference call on 3 May.
Finally, SdK and Delta consider the proposal from the Company for the restructuring of the Rickmers Bond as inadequate and reject the proposal due to the overly burdensome treatment of the bondholders. Among others, they think that the concessions offered by Bertram R.C. Rickmers are insufficient. In addition, it is currently unclear based on the available information in what form and in what amount the banks will contribute to the restructuring. Furthermore, the proposed recovery for the bondholders does not properly reflect their interests. Therefore SdK and Delta conclude that the restructuring concept as proposed by Rickmers requires significant amendments.

During the conference call, Mr Schaefer and Houlihan Lokey will state the economic and legal aspects which are relevant from the perspective of the bondholders in connection with a potential restructuring of the Rickmers Bond and the proposals made by Rickmers, basing their assessment solely on publicly available information. In addition, they will offer interested bondholders the opportunity to pool their interests with regard to the forthcoming bondholder meeting. In the view of SdK and Delta, such a pooling of interests is indispensable to prevent the economic and legal interests of the bondholders from being put at a further substantial risk.

In order to be able to participate in the conference call for information purposes, prior registration under the email address

[email protected]

is required. If you want to participate in the conference call, please send a current securities account statement evidencing your capacity as creditor of the Rickmers Bond and showing your name or the name of your company to the aforementioned email address. You will then be admitted to the conference call for information purposes and receive the respective dial-in number by email as well as an information document prepared by Mr Schaefer and Houlihan Lokey, which will form the basis for the conference call.

Institutional investors may contact Delta in case they have questions:

Carlos Andrade
Delta Alternative Management
[email protected]
Tel +33 (0)1 77 71 26 42
Mobil +33 6 35 17 00 65

Private investors may contact SdK:

Daniel Bauer
SdK Schutzgemeinschaft der Kapitalanleger e.V
[email protected]
Tel +49 (89) 20 20 846 0

Furthermore you may contact Houlihan Lokey:

Malte Wulfetange
Houlihan Lokey
[email protected]
Tel +49 69 256 246 119
Mobil +49 151 422 633 55

NB: The content of the conference call for information purposes does expressly not constitute any legal, economic or investment advice to the bond holders. The conference call for information purposes is merely supposed to report the views and opinions which SdK and Delta have formed with the help of Mr Schaefer and Houlihan Lokey. If individual bondholders desire advice of the kind mentioned above, they are explicitly recommended instructing professional advisers specialising in this field. SdK, Delta, Herr Schaefer and Houlihan Lokey do expressly not assume any liability regarding the conference call for information purposes.

01.05.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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