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    DGAP-News  774  0 Kommentare One Square Advisory Services GmbH: Steilmann SE - Status of insolvency proceedings (deutsch)

    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,

    übermittelt durch DGAP - ein Service der EQS Group AG.

    Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.

    Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten,

    Corporate News/Finanznachrichten und Pressemitteilungen.

    Medienarchiv unter http://www.dgap.de

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    471329 14.06.2016




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