ad hoc

Court confirms insolvency plan for SKW Stahl-Metallurgie Holding AG

Notification according to Art. 17 MAR

Munich, August 14 2018 – By resolution dated August 14, 2018, the local court in Munich (Insolvency Court) has confirmed the insolvency plan for SKW Stahl-Metallurgie Holidng AG. This was preceded by the approval of all groups of creditors during the creditors’ meeting on July 23, 2018. The denial of the insolvency plan by the shareholders (who form a separate group) during the creditors’ meeting, was substituted by the court by referring to the prohibition to obstruct (Sec. 245 Insolvency Code).

The resolution of the court is appealable within 14 days. As soon as the insolvency plan becomes legally binding, its execution can be initiated.

During the on-going insolvency proceeding under self-administration, the insolvency plan determines all measures for the financial restructuring of the Company. To this end, a considerable part of the credit claims held by the US based investor Speyside Equity against SKW Holding, will be swapped into equity, associated with the current shareholders exiting the Company. For all none-subordinated insolvency creditors, the insolvency plan provides for economic full satisfaction of their claims in the amount of 100%.

Frank Elsner 
Frank Elsner Kommunikation für Unternehmen GmbH 
Telefon: +49 89 99 24 96 30 
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