Schefenacker refinancing agreed
Schefenacker reports that its bondholders have agreed today, at a company voluntary arrangement meeting, to take:
- EUR 7.5 million cash;
- 5% of the equity; and
- warrants that could raise the equity to 15%.
The shareholder, Dr Alfred Schefenacker, retains 25% of the equity but has contributed:
- EUR 20 million of new money;
- his personal equity in the Engelmann subsidiary; and
- the cancellation of EUR 100 million of shareholder loans.
Senior creditors now hold 70% of the equity.
The success of the migration now depends on the operational restructuring that Stephen Taylor has been managing during the last few months of stakeholder negotiations - he claims "a solid first quarter performance".
Date: 3rd May, 2007
Articles from this Author
22nd October, 2019
Business Rescue – HMRC’s Unwelcome Victim
1st November, 2018
Budget 2018 - HMRC preferred creditor in insolvency
23rd March, 2018
20th July, 2017
Recast European Insolvency Regulation
Contact a Partner
Well done to our tax team! twitter.com/ciotattlondon/…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole