Ad-hoc announcement pursuant to section 17 MAR
GERRY WEBER International AG concludes agreement with funds managed by Robus and Whitebox on restructuring concept based on insolvency plan
Halle/Westphalia, 15 July 2019 Today, in the ongoing insolvency proceedings under self-administration, GERRY WEBER International AG concluded a binding investment agreement on the financial restructuring of the company within the scope of an insolvency plan with funds managed by Robus Capital Management Ltd. and Whitebox Advisors LLP.
The signing of the investment agreement and the binding term sheet on measures for the insolvency plan in the proceedings of GERRY WEBER International AG was approved by the creditors committee and the trustee, lawyer Stefan Meyer.
By implementing the agreement, an insolvency plan will be presented to the creditors of GERRY WEBER International AG as soon as possible for a vote. According to the agreement, Robus and Whitebox will provide up to EUR 49.2 m for the sustainable financial restructuring of GERRY WEBER International AG. The creditors of GERRY WEBER International AG, waiving parts of their receivables, may, in principle, choose between a cash compensation and various financial instruments for value recovery. The currently ongoing implementation of the restructuring concept of GERRY WEBER will continue within the interest of the creditors of the company. The creditors assembly is expected to take place within the course of the third quarter of 2019.
The transaction is subject to customary market conditions, such as the anti-trust clearance of competent authorities as well as the approval of a separate insolvency plan for GERRY WEBER Retail GmbH & Co. KG, an essential subsidiary of GERRY WEBER International AG. Also concerning the insolvency plan of GERRY WEBER Retail GmbH & Co. KG, a binding agreement was concluded today.
A further key element of the insolvency plan for GERRY WEBER International AG, to be presented to the creditors, is a capital reduction to prospectively zero Euro as well as a subsequent cash capital increase. The new shares will be acquired by Robus and Whitebox in a first step. A part of the shares shall be used as part of convertible bonds, which will be provided to those creditors, opting for financial instruments. Due to these measures, the existing shareholders shall leave the company.
The Managing Board
Member of the Managing Board
Phone: +49 5201 185-140
15-Jul-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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