Neumarkt, Germany - The Higher Regional Court, Frankfurt/Main, has rejected the application for release submitted by Pfleiderer Finance B.V., whose corporate bond is exchange listed (ISIN XS0297230368 / WKN A0NTX1), in connection with the lawsuits filed by creditors against the resolutions adopted by the Creditors' Meeting on June 20, 2011. This means that the resolutions adopted with a large majority of votes cannot be implemented as planned. Implementation of the resolutions had been a prerequisite for the agreed waiver of claims by the company's creditors and the capital injection by investors. Therefore, a financial restructuring of Pfleiderer AG (ISIN DE0006764749) is not possible as planned. In accordance with the law, the Management Board of Pfleiderer AG is now preparing to file an application for insolvency for Pfleiderer AG.
A petition to institute insolvency proceedings against the assets of Pfleiderer AG would have no direct effect on the operational subsidiaries, as Pfleiderer AG (as parent company) is purely an investment holding company. Consequently, a potential insolvency of Pfleiderer AG would not automatically result in subsequent insolvencies of subsidiaries and would not have any direct impact on the activities of the operational subsidiaries. In the event of an insolvency of Pfleiderer AG, it is planned to implement the key measures of the restructuring plan by way of an insolvency restructuring procedure as debtor in possession [Insolvenzplanverfahren in Eigenverwaltung].
The Pfleiderer AG as the holding company currently has only 10 employees.
Source: Pfleiderer AG
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