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
23rd March, 2018
20th July, 2017
Recast European Insolvency Regulation
26th June, 2017
The Recast European Insolvency Regulation (the “Recast EIR”)
28th November, 2016
Corporate Advisory Services & Brexit
Contact a Partner
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole