IVG IMMOBILIEN AG - Financial and operating restructuring successfully completed
- Dietmar Binkowska elected as new Chairman of the Supervisory Board
The reorganisation of IVG Immobilien AG has been a success at last. The insolvency proceedings for the company's assets are over. The resolution to this effect was adopted by the competent District Court of Bonn yesterday. IVG Immobilien AG can therefore now operate without any restriction once again.
"Following the comprehensive financial and operating restructuring, the company is now back on a solid footing and ready for the capital market," announced Hans-Joachim Ziems, member of the IVG Immobilien AG Board of Management in charge. "Our job of preventing the liquidation of the company and creating the foundations for a successful future is done."
Also yesterday, the new Supervisory Board of IVG Immobilien AG met for its constituting meeting. The previous shareholder representatives had stepped down from office as at 31 August 2014. At the proposal of the Board of Management, the Bonn District Court then appointed new members for the vacant positions for the period until the next Annual General Meeting of the company. The former CEO of NRW.Bank, Dietmar Binkowska, was selected as the Chairman of the Supervisory Board.
On 20 August 2013 IVG Immobilien AG applied to open protective shield proceedings on account of its over-indebtedness, and then underwent self-administered insolvency plan proceedings. On 15 July 2014, the insolvency plan devised by the Board of Management was confirmed with final legal effect by the court. Creditors and shareholders had first approved the plan with the necessary majorities on 20 March 2014. In the context of the reorganisation, the company's debt was reduced by around EUR 2.2 billion and it is now owned by its former creditors following a debt-to-equity swap. Parallel to the financial restructuring, the company had taken on a new operational direction, establishing the three business areas of Real Estate, Institutional Funds and Caverns as independent business entities.
Background: Key data on the insolvency plan proceedings at IVG Immobilien AG
21 Aug. 2013: Initiation of protective shield proceedings
1 Nov. 2013: Initiation of self-administered insolvency plan proceedings
13 Dec. 2013: First creditors' meeting (reporting deadline) approves continuation under self-administration
24 Feb. 2014: Insolvency plan set out following positive preliminary examination by insolvency court
20 March 2014: Creditors and shareholders at the discussion and voting meeting approve the insolvency plan with the required majorities
13 June 2014: Confirmation of IVG Immobilien AG's insolvency plan by Bonn District Court (insolvency court)
11 July 2014: Bonn Regional Court rejects legal action
15 July 2014: Court confirmation of IVG Immobilien AG's insolvency plan takes binding legal effect
15 Sep. 2012: Resolution by Bonn District Court to lift insolvency proceedings
Investor Relations contact:
Nina Wittkopf
Tel.: +49 (0)228 / 844-132
E-mail: ir@spam protect ivg.de
www.ivg.de
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