DGAP-News: One Square Advisory Services GmbH: Steilmann SE - Status of insolvency proceedings

Nachricht vom 14.06.2016 (www.4investors.de) -


DGAP-News: One Square Advisory Services GmbH / Schlagwort(e): Anleihe

One Square Advisory Services GmbH: Steilmann SE - Status of insolvency proceedings
14.06.2016 / 10:41


Für den Inhalt der Mitteilung ist der Emittent verantwortlich.
One Square Advisory Services GmbH: Steilmann SE - Status of insolvency proceedings
On June 1, 2016, the local court (Amtsgericht) Dortmund resolved to open the insolvency proceedings against Steilmann SE. The preliminary insolvency administrator, Dr Frank Kebekus, was confirmed as insolvency administrator for the opened insolvency proceedings. A new preliminary creditors' committee was established with the same members as the previous preliminary creditors' committee. One Square Advisory Services represents the interests of the bondholders of all three Steilmann bonds in this preliminary creditors' committee.
Since the opening of the insolvency proceedings, the insolvency administrator solely controls the company's affairs and will liquidate the business operations, with the aim to maximise the recovery for creditors.
Important hearings for bondholders
Vote for common representative: Following the opening of the insolvency proceedings, the court invited the bondholders to a bondholder meeting on June 6, 2016 in order to elect a common representative. The votes will take place on Wednesday, August 3, 2016 at Messe Westfalenhallen Dortmund (Hall 6) Rheinlanddamm 200, 44139 Dortmund, Entrance Messe West I. The bondholders' meetings will take place one after another, starting with the bondholders of Steilmann bond 2012/17 (ISIN: DE000A1PGWZ2) at 10:00 am CEST, followed by the bondholders of Steilmann bond 2014/18 (ISIN: DE000A12UAE0) at 1:00 pm CEST, and the bondholders of Steilmann bond 2015/17 (ISIN: DE000A14J4G3) at 4:00 pm CEST.
Bondholders can elect a common representative that will represent their rights and interests going forward in the insolvency proceeding. The costs for the common representative will be taken over by Steilmann SE. One Square Advisory Services GmbH will stand as candidate for the election as common representative for Steilmann bondholders.
Reporting date: The scheduled creditors' meeting where the insolvency administrator reports on the current status of the insolvency proceedings is scheduled to take place on September 7, 2016. Should the bondholders appoint a common representative, that common representative will represent the relevant bondholders' rights at that creditors meeting.
Examination date: A creditors' meeting where the claims are assessed will not be convened at this stage. Instead, the claims will be assessed in a written process until October 11, 2016. If a common representative is elected, he will file all claims of the bondholders for repayment of nominal and interest in the insolvency proceeding as a so-called "global registration." If no common representative is appointed, the bondholders themselves must file their claims before the examination date with the insolvency administrator.
Current disposal activities: According to information from the insolvency administrator Dr Frank Kebekus, all shops belonging to Steilmann Group members continue to trade without any restrictions. It is however not intended, that Steilmann Group will continue operating and the insolvency administrator is currently in very advanced negotiations for the sale of some subsidiaries and business units of Steilmann Group. Some subsidiaries such as Nienhaus & Lotz (N&L) Global Player Business Gmbh, Jansen Textil GmbH, and Kettenbach GmbH have already been sold.
Current Information about the Value of Collateral
STB Fashion Holding GmbH possibly liable for repayment of all bonds: The insolvency administrator and his legal advisors are currently investigating whether STB Fashion Holding GmbH as former issuer of all three bonds is jointly liable with Steilmann SE for repayment of that bonds (§ 133 Reorganisation Act). If this is the case, the share pledge securing the two bonds (14/18 and 15/17) might be worthless, since this repayment liability will rank prior to the share pledge.
Uncertainty concerning realisation rights for Adler-shares: Furthermore, it is currently being legally assessed whether the realisation rights regarding the shares in STB Fashion Holding GmbH which are pledged to bondholders is with the insolvency administrator or the security trustee. The outcome of this assessment is not only relevant for who controls the realisation process, but also as to whether the insolvency administrator is entitled to deduct fees from the realisation proceeds.
Conference call for the bondholders on June 16, 2016 at 4:30 (CET)
One Square Advisory Services GmbH invites Steilmann bondholders to an informational conference call on Thursday, June 16, 2016 at 4.30 pm (CEST). One Square Advisory Services GmbH will inform interested bondholders during the conference call about the current status of the insolvency proceedings and the next steps regarding the upcoming bondholders' meetings on August 3, 2016.
Bondholders who are interested in taking part in this conference call are asked to register by sending an email with their name, contact information, and bond volume held to steilmann@onesquareadvisors.com by 2 pm CEST on June 16, 2016.
Contact details
One Square Advisory Services GmbHTheatinerstr. 3680333 MunichSteilmann@onesquareadvisors.comwww.onesquareadvisors.com











14.06.2016 Veröffentlichung einer Corporate News/Finanznachricht, übermittelt durch DGAP - ein Service der EQS Group AG. Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten, Corporate News/Finanznachrichten und Pressemitteilungen. Medienarchiv unter http://www.dgap.de

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