DGAP-News: One Square Advisory Services GmbH: Steilmann SE - Status of insolvency proceedings

One Square Advisory Services GmbH: Steilmann SE - Status of insolvency proceedings

DGAP-News: One Square Advisory Services GmbH / Schlagwort(e): Anleihe

One Square Advisory Services GmbH: Steilmann SE - Status of insolvency

proceedings

14.06.2016 / 10:41

Für den Inhalt der Mitteilung ist der Emittent verantwortlich.

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One Square Advisory Services GmbH: Steilmann SE - Status of insolvency

proceedings

On June 1, 2016, the local court (Amtsgericht) Dortmund resolved to open

the insolvency proceedings against Steilmann SE. The preliminary insolvency

administrator, Dr Frank Kebekus, was confirmed as insolvency administrator

for the opened insolvency proceedings. A new preliminary creditors'

committee was established with the same members as the previous preliminary

creditors' committee. One Square Advisory Services represents the interests

of the bondholders of all three Steilmann bonds in this preliminary

creditors' committee.

Since the opening of the insolvency proceedings, the insolvency

administrator solely controls the company's affairs and will liquidate the

business operations, with the aim to maximise the recovery for creditors.

Important hearings for bondholders

Vote for common representative: Following the opening of the insolvency

proceedings, the court invited the bondholders to a bondholder meeting on

June 6, 2016 in order to elect a common representative. The votes will take

place on Wednesday, August 3, 2016 at Messe Westfalenhallen Dortmund (Hall

6) Rheinlanddamm 200, 44139 Dortmund, Entrance Messe West I. The

bondholders' meetings will take place one after another, starting with the

bondholders of Steilmann bond 2012/17 (ISIN: DE000A1PGWZ2) at 10:00 am

CEST, followed by the bondholders of Steilmann bond 2014/18 (ISIN:

DE000A12UAE0) at 1:00 pm CEST, and the bondholders of Steilmann bond

2015/17 (ISIN: DE000A14J4G3) at 4:00 pm CEST.

Bondholders can elect a common representative that will represent their

rights and interests going forward in the insolvency proceeding. The costs

for the common representative will be taken over by Steilmann SE. One

Square Advisory Services GmbH will stand as candidate for the election as

common representative for Steilmann bondholders.

Reporting date: The scheduled creditors' meeting where the insolvency

administrator reports on the current status of the insolvency proceedings

is scheduled to take place on September 7, 2016. Should the bondholders

appoint a common representative, that common representative will represent

the relevant bondholders' rights at that creditors meeting.

Examination date: A creditors' meeting where the claims are assessed will

not be convened at this stage. Instead, the claims will be assessed in a

written process until October 11, 2016. If a common representative is

elected, he will file all claims of the bondholders for repayment of

nominal and interest in the insolvency proceeding as a so-called "global

registration." If no common representative is appointed, the bondholders

themselves must file their claims before the examination date with the

insolvency administrator.

Current disposal activities: According to information from the insolvency

administrator Dr Frank Kebekus, all shops belonging to Steilmann Group

members continue to trade without any restrictions. It is however not

intended, that Steilmann Group will continue operating and the insolvency

administrator is currently in very advanced negotiations for the sale of

some subsidiaries and business units of Steilmann Group. Some subsidiaries

such as Nienhaus & Lotz (N&L) Global Player Business Gmbh, Jansen Textil

GmbH, and Kettenbach GmbH have already been sold.

Current Information about the Value of Collateral

STB Fashion Holding GmbH possibly liable for repayment of all bonds: The

insolvency administrator and his legal advisors are currently investigating

whether STB Fashion Holding GmbH as former issuer of all three bonds is

jointly liable with Steilmann SE for repayment of that bonds (§ 133

Reorganisation Act). If this is the case, the share pledge securing the two

bonds (14/18 and 15/17) might be worthless, since this repayment liability

will rank prior to the share pledge.

Uncertainty concerning realisation rights for Adler-shares: Furthermore, it

is currently being legally assessed whether the realisation rights

regarding the shares in STB Fashion Holding GmbH which are pledged to

bondholders is with the insolvency administrator or the security trustee.

The outcome of this assessment is not only relevant for who controls the

realisation process, but also as to whether the insolvency administrator is

entitled to deduct fees from the realisation proceeds.

Conference call for the bondholders on June 16, 2016 at 4:30 (CET)

One Square Advisory Services GmbH invites Steilmann bondholders to an

informational conference call on Thursday, June 16, 2016 at 4.30 pm (CEST).

One Square Advisory Services GmbH will inform interested bondholders during

the conference call about the current status of the insolvency proceedings

and the next steps regarding the upcoming bondholders' meetings on August

3, 2016.

Bondholders who are interested in taking part in this conference call are

asked to register by sending an email with their name, contact information,

and bond volume held to steilmann@onesquareadvisors.com by 2 pm CEST on

June 16, 2016.

Contact details

One Square Advisory Services GmbH

Theatinerstr. 36

80333 Munich

Steilmann@onesquareadvisors.com

www.onesquareadvisors.com

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14.06.2016 Veröffentlichung einer Corporate News/Finanznachricht,

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