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Branicks Group AG: Extension of terms of promissory note loans due in 2024 planned under preventive application of StaRUG procedure, postponement of 2023 consolidated financial statements publication

Branicks Group AG / Key word(s): Financing/Miscellaneous
Branicks Group AG: Extension of terms of promissory note loans due in 2024 planned under preventive application of StaRUG procedure, postponement of 2023 consolidated financial statements publication

05-March-2024 / 16:01 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

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.
Archive at www.eqs-news.com


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