Recently second meeting of noteholders of SINGULUS TECHNOLOGIES AG approves the restructuring concept
Recently second meeting of noteholders with respect to the SINGULUS bond 2012/2017 satisfied the quorum since about 33 % of the outstanding notes were present and passed the resolutions required for the implementation of the presented restructuring concept with the required majority of about 90 % of the participating voting rights.With the approval of the presented restructuring concept, the foundation is laid for a financial restructuring of the company.However, a few noteholders objected to the resolutions. The company now has to wait whether the noteholders will file a voidance action. Nevertheless, the company is confident that such voidance actions will be overridden in fast track proceedings.
During the ensuing extraordinary general meeting on tomorrow’s Tuesday, the shareholders are now asked to approve to the restructuring concept on their part.The company has convened an extraordinary general meeting of the company at the HILTON Hotel Frankfurt, Hochstrasse, 4, 60313 Frankfurt am Main, for tomorrow’s Tuesday, February 16, 2016 at 10:30 am to allow for the implementation of the swap resolutions. The agenda items of this extraordinary general meeting include the resolution on the capital measures required for the restructuring.
The restructuring of the bond requires the cooperation of the shareholders: The shareholders have to approve the presented resolutions with a majority of at least 75 %. The resolutions of the shareholders are a condition for the validity of the resolutions of the noteholders. The executive board does not see the predominant likelihood that a refinancing or a different kind of restructuring of the SINGULUS bond can be implemented until the maturity in March 2017. From today’s point of view, according to the executive board’s assessment, the non-implementation of the concept would thus mean that the positive going concern prognosis for the company would no longer apply. The insolvency of the company would be the result.