DGAP-Adhoc: IVG Immobilien AG: Further progress regarding

New Post Public Reply Private Reply Replies (0) Message Board

News Desk 2018

Jul 19, 2013 at 12:15 PM

DGAP-Adhoc: IVG Immobilien AG: Further progress regarding the comprehensive financing strategy: Submission of a joint proposal for financing by key creditors expected until 30 July 2013

IVG Immobilien AG / Key word(s): Capital Reorganisation/AGM/EGM 19.07.2013 18:01 Dissemination of an Ad hoc announcement according to Â§ 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Further progress regarding the comprehensive financing strategy: Submission of a joint proposal for financing by key creditors expected until 30 July 2013 IVG Immobilien AG (IVG or the company) has taken another step forward in talks with key creditors of the company, grouped in so-called 'ad hoc committees' on (i) the loan agreement for EUR 1,350 million of 25 September 2007/13 April 2012 (SynLoan I) and a bilateral loan granted to IVG for EUR 100 million of 30 November 2007/13 April 2013 (LBBW loan), (ii) the loan agreement for EUR 1,047.4 million of 12 May 2009/24 February 2012 (SynLoan II), (iii) the convertible bond (ISIN: DE000A0LNA87) and (iv) the hybrid bond (ISIN: DE000A0JQMH5), and with key shareholders to develop and implement a comprehensive financing strategy: The legal advisors to certain key creditors grouped in 'ad hoc committees' on SynLoan I, SynLoan II and the convertible bond - in total these three creditor classes represent liabilities of IVG in the amount of around EUR 2.9 billion - have today made statements, based on which the management board has come to the conclusion, that it is currently overwhelmingly likely that a proposal for a comprehensive financing of IVG outside insolvency proceedings borne out by the three above creditor classes could be presented to IVG by 30 July 2013. In the view of the board of management of IVG this proposal should include the following elements: (i) Consideration of the warranted interests of the shareholders and hybrid bond creditors. (ii) A regulation on the financing of the additional liquidity requirements of IVG of - if implementing the refinancing concept by the end of March 2014 - provisionally up to EUR 120 million, which could arise on account of, among other things, the deactivation of the automatic zero-balancing cash pool of the IVG Group and the extraordinary expenses to be borne by IVG for costs in connection with the company's refinancing efforts; and (iii) The commitment of sufficient support from creditors of the LBBW loan and the convertible bond in possibly delaying the incurrence or maturity of claims to payment from IVG in connection with these two financing arrangements to the extent that this is necessitated in the implementation of the refinancing measures. Based on this, the Board of Management feels that the forecast regarding the company's ability to continue as a going concern has been confirmed and with the approval of the Supervisory Board, has resolved, in the interests of the company, its shareholders and a strict process, to postpone the 2013 Annual General Meeting until provisionally 12 September 2013, so that the comprehensive refinancing proposal now expected by the end of July 2013 can be presented to the shareholders of IVG at this Annual General Meeting to be voted on, provided that, in the opinion of the Board of Management and the Supervisory Board, a consensus on it can be assumed. A corresponding meeting to be arranged for the creditors of the hybrid bond is scheduled for 27 August 2013. Regarding the half-year report as at 30 June 2013, the company is reporting that this report, as the consolidated and separate financial statements, is not currently expected to be published as scheduled on 9 August 2013 - due in part to the strategic review of all business areas and their carrying amounts (cf. the ad hoc disclosure of IVG of 12 July 2013) and the intended review of the six-month financial statements by the auditor - and is instead expected to be published on 26 August 2013. In spite of the delays now planned, the company is on schedule to implement its financing strategy. 19.07.2013 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: IVG Immobilien AG Zanderstr. 5-7 53177 Bonn Germany Phone: +49 (0)228 844-400 Fax: +49 (0)228 844-372 E-mail: ir@ivg.de Internet: www.ivg.de ISIN: DE0006205701, DE000A0JQMH5 WKN: 620570, A0JQMH Listed: Regulierter Markt in Berlin, DÃ¼sseldorf, Frankfurt (Prime Standard), MÃ¼nchen; Freiverkehr in Hamburg, Hannover, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------

Newer

Older

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Nukleus Launches Unified Platform for Athletes' Business

Leveling the Business Field for Athletes Athletes spend their lives fighting for every inch on the field, and now Nukleus is giving them the tools to hold ground off it. Why should they be the last ones to know their own business? Ashton Jeanty and Nukleus got tired of that narrative and kicked off a platform today with a real promise: putting an athlete's entire business...

Fiber Giants Unite to Boost Connectivity in Montana

Montana's Broadband Transformation Takes a Leap Folks in Northwest Montana, take note. Vero Fiber and MontanaSky have tied the knot, officially sealing a merger that doesn't just unite two reputable broadband providers but promises to shake up the internet game across the region. Just ask anyone who's tried to stream a movie during peak hours in Flathead Valley. A...

MiniCo's New Desk: A Game Changer for E&S Market

A New Chapter in Industrial Casualty Look out, folks! MiniCo Insurance Agency is making waves with its latest launch. They're teaming up with Lloyd's of London, not to sell fish and chips, but to bring something groundbreaking in the insurance space—an industrial casualty trading desk. And if you’re raising an eyebrow wondering why this matters, let me break it down...

Karen Love's Retirement Marks End of an Era for TACHP

A Legacy Not Just Built, But Carved in Stone In the world of healthcare, folks like Karen Love don’t come around too often. She's stepping down from her post as President and CEO of Cook Children's Health Plan this month, and it feels like the end of a chapter for the Texas Association of Community Health Plans (TACHP). Love wasn't just an executive; she was a mover and...

Gateway Unveils All-In-One Award Travel Platform

Transforming Loyalty with point.me's Gateway Here's the deal: the loyalty program game just changed. Point.me rolled out this slick beast called Gateway, and it's weaving award travel booking right into your everyday banking apps. That's right, ditch those clunky third-party sites, because now you can browse, compare, transfer, and book your award travel directly from...

SaponiQ Reinvents Body Care with Botanical Soap Bars

Breaking Through with Simple Innovation I'll be the first to say it's not every day you hear about a soap company trying to shake things up in body care like it’s a tech startup, but here’s SaponiQ taking a wild swing at it with their lineup of botanical cleansing bars. These things are whipped up in their own U.S.-based facility using some fancy cold-process...

Sports Research Joins Costco: Creatine Mix Available

Breaking Into the Big League: Sports Research Hits Costco When a company's product finds its way onto Costco's shelves, you know they're not just playing in the minor leagues anymore. This October, Sports Research® made a bold move into the retail giant's sports nutrition section with their new Creatine + Electrolytes powder. It's not their first rodeo when it comes to...

Varda Space's Dual Launch Signals Orbital Ambitions

It's not every day you see two commercial rockets heading to orbit on the same ride, but that's precisely what Varda Space Industries just pulled off. With the W-8 and W-9 vehicles blasting off together, Varda is positioning itself for a leap in orbital operations. They've hitched a ride aboard SpaceX's Transporter-18 mission, and this is more than just a double...

Concrete Pipe: Foundation of Modern Infrastructure

Reinforced Concrete Pipes Hold Their Ground You know, it might not be the flashiest part of our infrastructure toolkit, but concrete pipe plays a mighty big role behind the scenes. Even in this age of shiny new tech and constantly evolving materials, the classic concrete pipe still packs a punch—especially when you demand something that'll last. Enter Stephanie Ward, a...

Quorum Joins LIVE Coalition to Revolutionize Estate Planning

Shaking Up Estate Planning: Quorum Joins LIVE Coalition Here's a fresh shake-up in the world of estate planning. Quorum Federal Credit Union has thrown its hat into the ring as the latest member of the LIVE Coalition, a band of financial, legal, and tech wizards putting estate plans on a modern track. This marks them as the 70th player to dive into this alliance, pushing...