Obbligazioni societarie German Pellets 7,25% 01.04.2016 - DE000A1H3J67
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A German court has rejected a bankruptcy protection plan filed Wednesday by German Pellets, one of the world’s largest producers of wood pellets for heating, Handelsblatt has learned.
The insolvency court in Schwerin in northern Germany turned down the renewable energy company’s plan to effectively self-manage the bankruptcy process. Under the proposal, German Pellets’ founder Peter Leibold’s would have remained head of the company, with an insolvency administrator monitoring progress in the talks with bondholders.
Instead, the court has ruled in favor of a conventional bankruptcy. Bettina Schmudde of the law firm White&Case has been named the company’s insolvency administrator and will take charge of the proceedings. The court would not comment on its ruling when contacted by Handelsblatt.
A number of major bondholders, including investors in the United States, had been sharply critical of the plan because of Mr. Leibold’s continued leadership role, believing he should answer for the company’s financial collapse. Many had planned to vote against the plan, according to sources.
Frank Günther, a consultant who advised Germen Pellets on the bankruptcy and has been named its interim head, sharply criticized the court’s rejection and argued that most bondholders were behind it: “With this decision the court has defied the wishes of seven major creditors. That is unheard of,” he told Handelsblatt.
The planned bankruptcy, which Handelsblatt first reported Tuesday, marks another setback for the country’s renewable-energy industry and a further warning sign for investors taking chances on high-yielding midsize German companies.
Thousands of investors bought German Pellets bonds, including $546 million in the United States, while creditors of two U.S. production sites linked to German Pellets may also be affected. In total, €760 million of investors’ money is at risk.
Marc Gericke, a lawyer for investors from Kanzlei Göddecke, told Handelsblatt that the self-managed insolvency plan amounted to “duping investors.” He argued that this kind of plan is designed for companies experiencing financial troubles but which are fundamentally sound. Of German Pellets, he said, “the problems seem to us to run much deeper than ‘only’ missing liquidity,” he said.
Picture Source: Bernd Wüstneck / DPA
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The English-language edition of Germany's leading business daily, Handelsblatt is part of the Dieter von Holtzbrinck Media Group, which also owns WirtschaftsWoche, the country's most-read business weekly, Der Tagesspiegel, Berlin's newspaper of record, and Die Zeit, the leading general-interest weekly.
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A German court has rejected a bankruptcy protection plan filed Wednesday by German Pellets, one of the world’s largest producers of wood pellets for heating, Handelsblatt has learned.
The insolvency court in Schwerin in northern Germany turned down the renewable energy company’s plan to effectively self-manage the bankruptcy process. Under the proposal, German Pellets’ founder Peter Leibold’s would have remained head of the company, with an insolvency administrator monitoring progress in the talks with bondholders.
Instead, the court has ruled in favor of a conventional bankruptcy. Bettina Schmudde of the law firm White&Case has been named the company’s insolvency administrator and will take charge of the proceedings. The court would not comment on its ruling when contacted by Handelsblatt.
A number of major bondholders, including investors in the United States, had been sharply critical of the plan because of Mr. Leibold’s continued leadership role, believing he should answer for the company’s financial collapse. Many had planned to vote against the plan, according to sources.
Frank Günther, a consultant who advised Germen Pellets on the bankruptcy and has been named its interim head, sharply criticized the court’s rejection and argued that most bondholders were behind it: “With this decision the court has defied the wishes of seven major creditors. That is unheard of,” he told Handelsblatt.
The planned bankruptcy, which Handelsblatt first reported Tuesday, marks another setback for the country’s renewable-energy industry and a further warning sign for investors taking chances on high-yielding midsize German companies.
Thousands of investors bought German Pellets bonds, including $546 million in the United States, while creditors of two U.S. production sites linked to German Pellets may also be affected. In total, €760 million of investors’ money is at risk.
Marc Gericke, a lawyer for investors from Kanzlei Göddecke, told Handelsblatt that the self-managed insolvency plan amounted to “duping investors.” He argued that this kind of plan is designed for companies experiencing financial troubles but which are fundamentally sound. Of German Pellets, he said, “the problems seem to us to run much deeper than ‘only’ missing liquidity,” he said.
Picture Source: Bernd Wüstneck / DPA
GLOBAL EDITIONFOLLOW US
The English-language edition of Germany's leading business daily, Handelsblatt is part of the Dieter von Holtzbrinck Media Group, which also owns WirtschaftsWoche, the country's most-read business weekly, Der Tagesspiegel, Berlin's newspaper of record, and Die Zeit, the leading general-interest weekly.
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Aristi
Nuovo forumer
La settimana scorsa si sono tenute le riunioni per nominare i rappresentanti comuni degli obbligazionisti.
Quasi tutti le fonti di informazione tedesche riportano che la speranza per gli obbligazionisti di recuperare il proprio credito è molto piccola.
Alcune notizie riportano che potrebbero essere trovati solo 4,4 milioni di euro sui circa 280 milioni complessivi
German Pellets: Wieder leere Stühle beim Gläubigertreffen
Qualche collega è riuscito a sapere con certezza chi è stato nominato quale rappresentante comune obbligazione per obbligazione ?
Ad oggi a me risultano le seguenti date:
01.09.2016 termine ultimo per poter insinuare il proprio credito al passivo
05.10.2016 data di convocazione della riunione coi creditori reali di German Pellets alla Sala Congressi
di Schwerin ore 10,30
01.11.2016 esame dello stato passivo
A qualcuno risultano altre notizie ? Se è esatta la data del 1° settembre quale termine ultimo per presentare
l'insinuazione, a chi va presentata ? alla curatrice fallimentare oppure al rappresntante comune degli obbligazionisti
nominato per la propria obbligazione ?
Grazie
Quasi tutti le fonti di informazione tedesche riportano che la speranza per gli obbligazionisti di recuperare il proprio credito è molto piccola.
Alcune notizie riportano che potrebbero essere trovati solo 4,4 milioni di euro sui circa 280 milioni complessivi
German Pellets: Wieder leere Stühle beim Gläubigertreffen
Qualche collega è riuscito a sapere con certezza chi è stato nominato quale rappresentante comune obbligazione per obbligazione ?
Ad oggi a me risultano le seguenti date:
01.09.2016 termine ultimo per poter insinuare il proprio credito al passivo
05.10.2016 data di convocazione della riunione coi creditori reali di German Pellets alla Sala Congressi
di Schwerin ore 10,30
01.11.2016 esame dello stato passivo
A qualcuno risultano altre notizie ? Se è esatta la data del 1° settembre quale termine ultimo per presentare
l'insinuazione, a chi va presentata ? alla curatrice fallimentare oppure al rappresntante comune degli obbligazionisti
nominato per la propria obbligazione ?
Grazie
angy2008
Forumer storico
teoricamente gli obbligazionisti non avrebbero bisogno di fare insinuazione al passivo essendo il credito certo e ben definito, vedo però che in taluni casi è stato chiesto di fare insinuazione e non sò se German Pellets rientra tra questi.
A me finora hanno sempre ripagato quanto derivato dai fallimenti senza aver fatto insinuazione, ad esempio la Griffin Coal e la OGX mentre ad esempio le banche islandesi che non avevo han chiesto l'insinuazione.
Vediamo se la curatrice darà istruzioni in merito.
A me finora hanno sempre ripagato quanto derivato dai fallimenti senza aver fatto insinuazione, ad esempio la Griffin Coal e la OGX mentre ad esempio le banche islandesi che non avevo han chiesto l'insinuazione.
Vediamo se la curatrice darà istruzioni in merito.
difnei
Nuovo forumer
Questo quanto ricevuto dal rappresentante della 2013/2018 a seguito assemblea bondisti
German Pellets CMS elected joint representative bondholders 2013-2018.pdf
German Pellets CMS elected joint representative bondholders 2013-2018.pdf
difnei
Nuovo forumer
Ulteriori notizie con il nome del ladro dallo Studio Nieding + Barth Rechtsanwaltsaktiengesellschaft
"we inform you that on the bondholder meetings the audience has voted for a common representative.
For the meeting on the 5th of July (ISIN DE000A1H3J67, WKN A1H3J6) the attorney Mr. Rechtsanwalt Daniel Vos, Breite Straße 147 - 151, 50667 Köln, Germany was elected as the common representative of the bondholders.
For the meeting on the 6th (ISIN DE000A1TNAP7, WKN A1TNAP) and 7th (DE000A13R5N7, WKN A13R5N) of July the Lawfirm CMS GmbH Rechtsanwaltsgesellschaft, Breite Straße 3 40213 Düsseldorf, Germany was elected as the common representative of the bondholders.
The common representative will file the claims to the insolvency administrator for the bondholders.
The Common representative will not take any action in filing damage claims against the initiators Mr. and Mrs. Leibold or the auditors.
As the insolvency administrator mentioned in the meeting the company handed out loans about 203 Mio. Euro without having any securities. The loans were spended to Mr. Leibold and serveral family foundations of Mr. Leibold.
The insolvency administrator also mentioned that there are hints that German Pellets was already broken in 2015 so there is a suspect of fraudulent behavior and other criminal charges.
We offer our clients to file personal damage claims for the clients to get any compensation. The insolvency administrator mentioned that there are company debts of 480 Mio. Euro and only assets about 4,4 Mio. Euro. At the moment the insolvency administrator could not say if there will be a quote for the creditors."
"we inform you that on the bondholder meetings the audience has voted for a common representative.
For the meeting on the 5th of July (ISIN DE000A1H3J67, WKN A1H3J6) the attorney Mr. Rechtsanwalt Daniel Vos, Breite Straße 147 - 151, 50667 Köln, Germany was elected as the common representative of the bondholders.
For the meeting on the 6th (ISIN DE000A1TNAP7, WKN A1TNAP) and 7th (DE000A13R5N7, WKN A13R5N) of July the Lawfirm CMS GmbH Rechtsanwaltsgesellschaft, Breite Straße 3 40213 Düsseldorf, Germany was elected as the common representative of the bondholders.
The common representative will file the claims to the insolvency administrator for the bondholders.
The Common representative will not take any action in filing damage claims against the initiators Mr. and Mrs. Leibold or the auditors.
As the insolvency administrator mentioned in the meeting the company handed out loans about 203 Mio. Euro without having any securities. The loans were spended to Mr. Leibold and serveral family foundations of Mr. Leibold.
The insolvency administrator also mentioned that there are hints that German Pellets was already broken in 2015 so there is a suspect of fraudulent behavior and other criminal charges.
We offer our clients to file personal damage claims for the clients to get any compensation. The insolvency administrator mentioned that there are company debts of 480 Mio. Euro and only assets about 4,4 Mio. Euro. At the moment the insolvency administrator could not say if there will be a quote for the creditors."
effe62
Nuovo forumer
Buongiorno a tutti.
Ho ricevuto lettere in tedesco dallo Studio Mattil & Kollegen per il default della German Pellets.
Da quel poco che ho capito visto che sono tutte pagine in tedesco chiedono autorizzazione a dare procura a loro per il credito vantato.
Vogliono però anche delle belle cifre per il loro lavoro. Voi come vi state muovendo?
Non vorrei sborsare altri soldi inutilmente e avere danno e beffa insieme! Mi va bene pagarli però magari in percentuale sul recuperato non una cifra fissa.
Ma poi mi chiedo: se ci fosse un rimborso spetta solo a chi si è appoggiato ad uno studio o a tutti indistintamente?
Ho ricevuto lettere in tedesco dallo Studio Mattil & Kollegen per il default della German Pellets.
Da quel poco che ho capito visto che sono tutte pagine in tedesco chiedono autorizzazione a dare procura a loro per il credito vantato.
Vogliono però anche delle belle cifre per il loro lavoro. Voi come vi state muovendo?
Non vorrei sborsare altri soldi inutilmente e avere danno e beffa insieme! Mi va bene pagarli però magari in percentuale sul recuperato non una cifra fissa.
Ma poi mi chiedo: se ci fosse un rimborso spetta solo a chi si è appoggiato ad uno studio o a tutti indistintamente?
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