Brief: Branicks Group Postpones Publication Of The 2023 Consolidated Financial Statements

BRANICKS AG

05/03/2024 15:06

March 5 (Reuters) - BRANICKS Group AG  BRNKn.DE :
    * BRANICKS GROUP AG - HAS DECIDED TODAY TO PREVENTIVELY
NOTIFY
COMPETENT LOCAL COURT OF FRANKFURT AM MAIN OF A RESTRUCTURING
PROJECT FOR PROMISSORY NOTE LOANS DUE IN 2024 IN ACCORDANCE WITH
ACT ON STABILISATION AND RESTRUCTURING FRAMEWORK FOR COMPANIES
("STARUG")
    * BRANICKS GROUP AG - DUE TO UNDERLYING TIMELINE, BRANICKS
IS
POSTPONING PUBLICATION OF ANNUAL AND CONSOLIDATED FINANCIAL
STATEMENTS FOR 2023 FINANCIAL YEAR AND ITS ANNUAL REPORT UNTIL
APRIL 30, 2024
    * BRANICKS GROUP AG - BACKGROUND TO PLANNED NOTIFICATION ARE
POSITIVELY PROCEEDING NEGOTIATIONS WITH HOLDERS OF PROMISSORY
NOTE LOANS DUE IN 2024 (IN AMOUNT OF EURO 225 MILLION) WITH SOLE
AIM OF EXTENDING TERMS
    * BRANICKS GROUP AG - STARUG PROCEDURE SERVES TO SECURE
TRANSACTION, AS IN THIS CONTEXT NECESSARY ADJUSTMENTS OF ALL
PROMISSORY NOTE LOANS DUE IN 2024 CAN ALREADY BE EFFECTED WITH
APPROVAL OF 75% OF NOMINAL AMOUNT OF PROMISSORY NOTE LOANS IN
QUESTION
    * BRANICKS GROUP AG - MANAGEMENT BOARD EXPECTS TO ACHIEVE AT
LEAST
THIS MAJORITY
    * BRANICKS GROUP AG - BRANICKS WILL CONTINUE TO KEEP CAPITAL
MARKETS AND GENERAL PUBLIC INFORMED ABOUT ITS FURTHER PROGRESS
IN ACCORDANCE WITH STATUTORY REQUIREMENTS
    * BRANICKS GROUP AG - PARALLEL DISCUSSIONS WITH LENDERS OF
BRIDGE
FINANCING FOR ACQUISITION OF SHARES IN VIB VERMÖGEN AG (IN
AMOUNT OF EURO 200 MILLION) COMPLETED IN 2022 ARE CONTINUING AS
PLANNED
    * BRANICKS GROUP AG - AIM OF THESE NEGOTIATIONS IS ALSO TO
EXTEND
TERM
    * BRANICKS GROUP AG - PLAUSIBILITY OF BRANICKS' CONCEPT IS
CONFIRMED BY AN INDEPENDENT BUSINESS REVIEW BY FTI-ANDERSCH
    * BRANICKS GROUP AG - MANAGEMENT BOARD IS CONVINCED THAT IT
WILL
BE ABLE TO BRING ONGOING NEGOTIATIONS TO A POSITIVE CONCLUSION

Source text for Eikon:  ID:nEQ2DlXbsa 
Further company coverage:  BRNKn.DE 

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