DGAP-News: Pfleiderer AG: Restructuring of Pfleiderer AG successfully completed
(firmenpresse) - DGAP-News: Pfleiderer AG / Key word(s): Delisting
Pfleiderer AG: Restructuring of Pfleiderer AG successfully completed
27.11.2012 / 13:02
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Restructuring of Pfleiderer AG successfully completed
- Following two-year reorganization, Pfleiderer now has typical debt
levels seen in the market and sufficient equity
- Successful conclusion of sales processes leaves Pfleiderer with a
profitable core business in Europe
- Implementation of insolvency plan saves 3,600 jobs in the Pfleiderer
business group
- Conclusion of the insolvency process expected shortly
Düsseldorf, November 27, 2012 - The restructuring of Pfleiderer AG has been
brought to a successful conclusion. After the insolvency plan took legal
effect, the Local Court in Düsseldorf acted today to enter the capital
measures approved by the creditors' meeting on September 12, 2012, the
reduction of equity capital of Pfleiderer AG (ISIN DE0006764749) to zero
and the subsequent capital increase with the complete exclusion of
subscription rights among former shareholders, into the Commercial Register
of the Regional Court of Düsseldorf. As a result of this action, Atlantik
S.A., Luxemburg, is now the new and sole shareholder. In light of the
reduction in the company's capital to zero, the shares held by former
shareholders ceased to exist. Stock exchange trading will be discontinued.
As part of the steps agreed upon in the insolvency plan, nearly EUR900
million in liabilities held by Pfleiderer AG will be forgone. Given the
restored earnings power of the Pfleiderer Group, the approximately EUR310
million in financial liabilities on the company's books will correspond to
debt levels typically seen in the market. At the same time, the company
will have adequate equity of about EUR165 million, representing a solid
foundation for the company to finance itself on a sustainable, independent
basis.
In addition to the financial restructuring action, the company has carried
out a sweeping reorganization of its business activities since the end of
2010. As part of this process, the money-losing businesses in the United
States and Canada as well as operations in Europe and activities in Russia
were sold. All sales were successfully completed within the allotted time
period, a move that played a major role in the decision by the companies'
creditors to forgo the debts of the Pfleiderer Group on this scale.
Following the restructuring, the Pfleiderer Group consists of the
profitable Business Center Western Europe, particularly the production and
sales companies active in Germany, and continues to hold a majority stake
in Pfleiderer Grajewo S.A., which has a strong market position in Poland's
engineered-wood market.
As part of the insolvency plan, the headquarters of Pfleiderer AG was
relocated from Neumarkt/Upper Palatinate to Düsseldorf. Pfleiderer
Holzwerkstoffe GmbH, under whose umbrella all activities in the German
market are placed, will remain in Neumarkt.
The driving forces behind the success of the reorganization and the
Pfleiderer Group's continued business operations were the contributions
that all sides made to the restructuring effort. As a result, it was
possible to prevent the assets of the operating business from becoming part
of an insolvency proceeding and to carry out a professional reorganization
ofPfleiderer AG as a holding company without negatively impacting the
operating business. As a result, all 3,600 jobs were saved.
Hans-Joachim Ziems, Executive Board member of Pfleiderer AG, said: 'The
registration of the capital measures has brought a successful conclusion to
a nearly two-year, extremely complicated restructuring process. I am
delighted that it was possible to turn Pfleiderer into a healthy and
powerful company in the engineered-wood industry and save about 3,600 jobs.
The execution of the insolvency process under self-administration according
to the German Act to Facilitate Company Reorganization proved extremely
helpful.'
The formal conclusion of the insolvency process is expected in the coming
few days.
Background
On March 28, 2012, the Executive Board of Pfleiderer AG submitted a request
for the insolvency process to begin. The aim was to reorganize the company
as part of an insolvency proceeding administered by the company itself.
This became necessary after a restructuring concept that was supported by
an overwhelming majority of creditors and shareholders and that was agreed
upon by the company and its main creditors on May 12, 2011, in an
out-of-court process was unable to be carried out due to legal challenges
individual holders of a hybrid bond and several shareholders filed against
the restructuring effort. Finally, on September 12, 2012, the insolvency
plan was approved during a discussion and coordination meeting by the
company's shareholders and creditors with majorities of more than 99
percent each.
Contact:
Brunswick Group GmbH
Tel.: + 49 (069) 2400 - 5510
Fax: + 49 (069) 2400 - 5555
E-mail: Pfleiderer(at)brunswickgroup.com
End of Corporate News
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27.11.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Pfleiderer AG
Kennedydamm 55
40476 Düsseldorf
Germany
Phone: +49 (0) 211 929 638 20
Fax: +49 (0) 211 929 638 23
E-mail: lothar.sindel(at)pfleiderer.com
Internet: www.pfleiderer.com
ISIN: DE0006764749
WKN: 676474
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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