London (ots) - The ad hoc group of Syn I Lenders (the "AHG") notes with regret that IVG Immobilien AG today filed a petition for the commencement of insolvency proceedings in the Local Court of Bonn.
The AHG had put forward a constructive position in the context of a consensual restructuring, and forged understandings with certain key stakeholders as to restructuring terms. As part of the discussions around a consensual restructuring, and at the request of IVG, the AHG had also agreed to provide new money facilities to support IVG until the conclusion of a restructuring. In this spirit, the AHG stands ready to support IVG in its restructuring efforts.
The AHG is highly motivated to work constructively with all stakeholders in IVG towards achieving a fair and reasonable solution in its protective shield proceedings. It is confident that it can work with IVG and key stakeholder groups to implement a restructuring efficiently through an insolvency plan. The ultimate goal is to preserve IVG's future as a going-concern enterprise for the benefit of its tenants, employees, suppliers and other stakeholders.
The AHG's role at this stage is strictly informal and neither the members of the AHG, nor any of their advisors, assume any responsibilities or duties, fiduciary or otherwise, to IVG, its individual board members, the board as such, its creditors or other stakeholders and/or parties in interest. Nothing herein shall, or shall be deemed to, create any contractual or pre-contractual obligations on the part of the AHG or its individual members or constitute an admission of any facts and circumstances. The members of the AHG hereby reserve all rights under and in relation to their individual positions under the Syn I Loan.
Originaltext: Blackstone Group on behalf of the ad hoc group of Syn I Lenders digital press kits: http://www.presseportal.de/pm/110597 press kits via RSS: http://www.presseportal.de/rss/pm_110597.rss2
Press contact
Knut Engelmann, CNC AG +49 69 506 037 570 Knut.Engelmann@cnc-communications.com
The AHG had put forward a constructive position in the context of a consensual restructuring, and forged understandings with certain key stakeholders as to restructuring terms. As part of the discussions around a consensual restructuring, and at the request of IVG, the AHG had also agreed to provide new money facilities to support IVG until the conclusion of a restructuring. In this spirit, the AHG stands ready to support IVG in its restructuring efforts.
The AHG is highly motivated to work constructively with all stakeholders in IVG towards achieving a fair and reasonable solution in its protective shield proceedings. It is confident that it can work with IVG and key stakeholder groups to implement a restructuring efficiently through an insolvency plan. The ultimate goal is to preserve IVG's future as a going-concern enterprise for the benefit of its tenants, employees, suppliers and other stakeholders.
The AHG's role at this stage is strictly informal and neither the members of the AHG, nor any of their advisors, assume any responsibilities or duties, fiduciary or otherwise, to IVG, its individual board members, the board as such, its creditors or other stakeholders and/or parties in interest. Nothing herein shall, or shall be deemed to, create any contractual or pre-contractual obligations on the part of the AHG or its individual members or constitute an admission of any facts and circumstances. The members of the AHG hereby reserve all rights under and in relation to their individual positions under the Syn I Loan.
Originaltext: Blackstone Group on behalf of the ad hoc group of Syn I Lenders digital press kits: http://www.presseportal.de/pm/110597 press kits via RSS: http://www.presseportal.de/rss/pm_110597.rss2
Press contact
Knut Engelmann, CNC AG +49 69 506 037 570 Knut.Engelmann@cnc-communications.com