Brief: Leoni Close To Agreement On Financial Restructuring Concept To Secure Financing

Leoni AG

29/03/2023 12:08

March 29 (Reuters) - LEONI AG  LEOGn.DE :
    * LEONI AG CLOSE TO AGREEMENT ON FINANCIAL RESTRUCTURING
CONCEPT
TO SECURE FINANCING - RESTRUCTURING PLAN RESULTS IN EXIT OF
EXISTING SHAREHOLDERS
    * RESTRUCTURING CONCEPT WILL SUBSTANTIALLY REDUCE COMPANY'S
DEBT
AND PROVIDE FRESH LIQUIDITY
    * IN VIEW OF EXECUTIVE BOARD OF LEONI AG, THIS FINANCIAL
RESTRUCTURING CONCEPT IS ONLY REMAINING RESTRUCTURING SOLUTION
    * BASED ON CURRENT PLANNING, IMPLEMENTATION OF RESTRUCTURING
CONCEPT WILL SECURE FINANCING OF LEONI AG UNTIL END OF 2026
    * WILL BE IMPLEMENTED BASED ON GERMAN CORPORATE
STABILIZATION AND
RESTRUCTURING ACT
    * A COMPANY INDIRECTLY HELD BY DIPL.-ING. STEFAN PIERER
WOULD,
AFTER A SIMPLIFIED CAPITAL REDUCTION OF LEONI AG TO 0 EUROS,
CONTRIBUTE 150 MILLION EUROS BY WAY OF A CASH CAPITAL INCREASE
    * THIS COMPANY IS TO TAKE OVER FINANCIAL CLAIMS AGAINST
LEONI AG
IN AMOUNT OF 708 MILLION EUROS
    * EXECUTIVE BOARD OF LEONI AG WILL CONVENE A SHAREHOLDERS'
MEETING
AT SHORT NOTICE
    * AS A PREVENTIVE MEASURE, EXECUTIVE BOARD WILL NOTIFY THIS
AGM OF
LOSSES AMOUNTING TO MORE THAN HALF OF CAPITAL STOCK
    * PUBLICATION OF ANNUAL AND CONSOLIDATED FINANCIAL
STATEMENTS FOR
2022 WILL BE DELAYED
    * CAN ONLY HAPPEN AFTER IMPLEMENTATION OF RESTRUCTURING
CONCEPT

Source text for Eikon:  ID:nEQ9xByq8a 
Further company coverage:  LEOGn.DE 

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