DGAP-Adhoc: IVG Immobilien AG: Correction: Key elements of

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

News Desk 2018

Aug 12, 2013 at 6:30 AM

DGAP-Adhoc: IVG Immobilien AG: Correction: Key elements of a restructuring concept, notice of loss of half of the Company's share capital (para. 92 sec. 1 German stock corporations act)

IVG Immobilien AG / Key word(s): Capital Reorganisation/Restructure of Company 12.08.2013 12:20 Dissemination of a Ad-hoc-correction 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. --------------------------------------------------------------------------- This is a correction of the announcement from 6:53pm CEST on 10.08.2013. Reason for the correction: Clarification of the position of the LBBW loan within the restructuring concept. IVG Immobilien AG: Key elements of a restructuring concept, notice of loss of half of the Company's share capital (para. 92 sec. 1 German stock corporations act) In the negotiations conducted by IVG Immobilien AG (IVG or Company) and the representatives of principal creditors affiliated in 'Ad hoc-Committees' with regard to (i) a loan agreement in the amount of EUR 1,350 million dated 25 September 2007/13 April 2012 (SynLoan I), (ii) a loan agreement in the amount of EUR 1,047.4 million dated 12 May 2009/24 February 2012 (SynLoan II), (iii) the bilateral loan agreement in the amount of EUR 100 million dated 30 November 2007/13 April 2013 (LBBW Loan) and (iv) the convertible bond (ISIN: DE000A0LNA87), the creditors have submitted key elements of a comprehensive restructuring concept: By way of a simplified capital reduction to cover losses, the existing stated share capital shall be, in a ratio of 200 to 1, reduced to 0,5% of the present stated share capital. Further, it is, inter alia, envisaged that SynLoan I, LBBW loan and the convertible bond will be transferred to the company by way of a contribution in kind with 100% of their respective face amounts (so-called debt-to-equity swap), which would lead to a quota-ratio of these three creditor groups' share in the stated share capital of 80% (SynLoan I / LBBW loan) to 20% (convertible bond). Furthermore, the restructuring concept envisages a capital increase for cash with subscription rights for IVG's present shareholders and - as a compensation for their waiver of claims - for the holders of the hybrid bond (ISIN: DE000A0JQMH5), or an economically similar alternative structure, which allows the present shareholders and the hybrid bond holders, additionally and in a quota-ratio between them yet to be defined, to acquire 3% of the stated share capital post contribution in kind and capital increase for cash. Moreover, creditors of SynLoan I have, on term sheet level, agreed with the Company on a bridge financing, amounting to approx. EUR 140 million, to cover the additional liquidity need. The bridge financing would presumably safeguard the continuance of the Company until the envisaged closing of the restructuring. Additionally, the prospect of a postponement of the due-date of payment claims under the LBBW loan was offered. Also, the representatives of the convertible bond creditors offer the prospect of support for a postponement of the termination right as of 29 March 2014 (so-called Put Option), if this should become necessary in the course of the implementation of the restructuring concept. The Company will shortly assess these results, conduct further negotiations on this basis and, in case of an overall agreement on a detailed level, invite to the Company's annual general meeting of shareholders and to an assembly meeting of the creditors of the hybrid bond, to submit the comprehensive restructuring concept to the vote of the shareholders and the creditors of the hybrid bond. Further, the management board hereby gives notice that the strategic review of all business divisions and their asset valuations as per 30 June 2013 - as announced in the ad hoc publications dated 12 and 19 July 2013 - resulted in a need for book value depreciations in an overall amount of approx. EUR 350 million (German GAAP), this amount being based on depreciations in various divisions, particularly including value adjustments regarding real estate, caverns business, shareholdings and receivables. Accordingly, the management board hereby announces that more than half of the Company's share capital is lost (para. 92 sec. 1 German stock corporations act). The half-year report as per 30 June 2013 (as both IVG group's consolidated and IVG's individual financial statement) will - as announced in the ad hoc publication dated 19 July 2013 - presumably be published on 26 August 2013. 12.08.2013 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

TRIMAX Poised to Meet AI-Driven Power Challenges

TRIMAX's Bold Move into AI-Powered Infrastructure It feels like we're standing on the cusp of a seismic shift, folks. Artificial intelligence isn't just another buzzword anymore—it's a juggernaut reshaping our digital world. TRIMAX Power Systems is gearing up to ride this wave, with its eyes set on capturing a chunk of the booming demand for fast-deployable power...

#L.A. Rising Podcast: From Fires to International Fame

From Ashes to Airwaves Gritty stories of survival often cut deeper than any wonky industry analysis or corporate earnings report. When you've been through the wringer and come out the other side, that experience sticks with you—and for Kim S. Marshall, it ignited something personal yet universal with the #L.A. Rising podcast. Emerging from the 2025 L.A. fires, this...

Christmas Injury Lawyers Unveils SC Knowledge Center

In the world of legal labyrinths, sometimes you just need a guiding light, especially following a car accident. That's where the freshly launched South Carolina Car Accident Law Knowledge Center steps in. It’s no magic wand, but Christmas Injury Lawyers are certainly trying to cut the chaos. This online hub covers more ground than a small library, boasting 40 guides...

Event Industry Power 50 Voting Surge Ahead of Close

An Unexpected Wave of Enthusiasm in Event Industry The Event Industry Power 50 is getting some serious action this year. Over 3,500 votes have already rolled in, smashing last year's numbers with days still left on the clock. It seems like folks can't wait to see their favorite event powerhouses crowned at this year's gala, which kicks off October 27 in New York City....

ProClad Unveils Innovative Hybrid 2.0 Cookware

Revolutionizing Cookware: The Launch of Hybrid 2.0 Today, everyone's buzzing about ProClad's big reveal—the Hybrid 2.0 Pan. Now, before you roll those skeptical eyes, hear me out. This isn’t your average bit of kitchen fluff; it’s a heavyweight contender stepping into the everyday cooking ring. What they've done here is combine the muscle of stainless steel searing...

Indiana American Water's PFAS Credits Total $25.5M

Indiana American Water Dishes Out Big Buck Refunds Swing by Indiana American Water's latest move, and what do you see? A whopping $25.5 million in PFAS settlement credits being doled out to customers. That's right, this ain't your everyday water utility story—there's real money on the line here. Over four rounds of bill credits since November 2025, customers have seen...

Palm Beach Royals Boost Pickleball's Popularity Surge

A New Era for Pickleball in Palm Beach It might be time to re-evaluate pickleball if you weren't paying attention before. The Palm Beach Royals have wrapped up their first Major League Pickleball season with a bang, marking a pivotal year for the sport. This underdog tale of graft and grit is carving out a new chapter in the world of sport. Record-Breaking Season for MLP...

Hilarity and Hassles in NYC Co-op Life Exposed in New Book

Co-op Living: Not All It's Cracked Up to Be Let me tell you something, buying a co-op in New York City isn't just signing on the dotted line and moving in. Nope, it's a whole damn production. Jeff Namian's book, Thin Walls/Thick Ears, lays it all out with a mix of humor and hard truths, painting a stark picture of NYC co-op living. He's not just telling his own story of...

Metropolitan Dermatology's Strategic Expansion into Barnegat

Diving into Barnegat's Dermatology Landscape Metropolitan Dermatology has taken a strategic step by opening a new location right in the heart of Barnegat, New Jersey. Talk about a win-win for the folks in Ocean County. This isn't just another clinic opening up shop; it's about bringing comprehensive medical and surgical dermatologic care straight to the people who need...

China Automotive Systems Hits Milestone with ASPICE 4.0 CL2

An Automotive Feat in R&D Now here's a story that should make waves across the automotive sector. China Automotive Systems, Inc. (NASDAQ: CAAS), a titan of power steering development in China, has nailed it by meeting the ASPICE 4.0 Capability Level 2. That's a big one, folks. Verified by a partnership between a European automaker and UL, this achievement is no fluke....