SINGULUS TECHNOLOGIES Publishes Comprehensive Information About Restructuring Concept
The SINGULUS TECHNOLOGIES AG publishes comprehensive information about the balance sheet restructuring of the company including excerpts of the restructuring opinion.
The information was published on today’s February 08, 2016 on the home page of www.singulus.de under the category “Credit Relations” under the section “Second bondholder meeting on February 15, 2016”.
SINGULUS TECHNOLOGIES invited the bondholders of the € 60,000,000.00 7.75% bearer notes 2012 / 2017 to a second bondholder meeting in Frankfurt am Main. The meeting will take place at the HILTON FRANKFURT am Main, Hochstrasse 4, 60313 Frankfurt am Main, on February 15, 2016 at 11:00 a.m. (CET).
The concept for the restructuring of the existing corporate bond is submitted for resolution. This restructuring concept, which has already been coordinated structurally with the joint representative of the bondholders in the previous year, fundamentally provides for the bondholders’ exchange of their respective bearer notes into acquisition rights. These rights entitle the bondholders to acquire a certain number of shares of the SINGULUS TECHNOLOGIES AG as well as a certain number of notes of a secured bond, which will be issued by the company. In the course of the then following second bondholder meeting the Executive Board of SINGULUS TECHNOLOGIES will report on the current course of business activities and will present the restructuring concept. The Board will also provide details about the preliminary financial key figures for the business year 2015.
Furthermore, the company has convened an Extraordinary General Meeting of the company at the HILTON Hotel Frankfurt, Hochstrasse, 4, 60313 Frankfurt am Main, for Tuesday, February 16, 2016 at 10:30 am. The agenda items of this Extraordinary General Meeting amongst others include the resolution with respect to the corporate actions required for the restructuring.
The Executive Board of SINGULUS TECHNOLOGIES kindly asks all shareholders and bondholders to take part in the Extraordinary General Meeting and the second bondholder meeting, respectively, and to make use of their voting rights in any case. It is also possible to be represented by a representative or alternatively to authorize a proxy representative of the SINGULUS TECHNOLOGIES. Prototype forms can be found on the home page under www.singulus.de. For the participation in the Extraordinary General Meeting a registration by February 9, 2016 at the latest is required. For the second bondholder meeting a registration by February 12, 2016 at the latest is required.
The restructuring of the corporate bond is an essential prerequisite for the balance sheet restructuring of the company. Without this restructuring SINGULUS TECHNOLOGIES will from today’s point of view neither be able to achieve a balance sheet restructuring nor to safeguard sufficient liquidity in the future. Therefore, according to the current assessment of the Executive Board, the implementation of these measures and the concurrent approval of the bondholders and shareholders is the only feasible way to prevent an otherwise imminent insolvency of the company.