© Niroworld Business | April 07, 2017

Local court approves restructuring of AEG Power Solutions

The restructuring plan for 3W Power's German subsidiary AEG Power Solutions GmbH has been unanimously approved by the subsidiary’s creditor meeting.
Subsequently, the local court of Arnsberg, Germany, has also confirmed the plan. Once the confirmation of the court takes legal effect, the debtor-in-possession proceeding over AEG Power Solutions GmbH will be repealed. This repeal is expected in the course of April 2017.

In the context of the plan and as sanctioned in the resolution of the bondholders from their bondholder meeting in January 2017, the guarantee (contingent liabilities) issued by AEG Power Solutions GmbH for 3W Power’s 2014/2019 bond will be limited to a total liability amount of EUR 6'553'251.72. Through this proportional reduction, the guarantee for each note with a nominal value of EUR 500 will be limited to a maximum of EUR 72.36.


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August 20 2018 3:56 pm V10.1.0-1