EQS-Adhoc: Airopack Technology Group AG: Agreement reached with Major Lenders

EQS Group-Ad-hoc: Airopack Technology Group AG / Key word(s): Agreement 
Airopack Technology Group - Agreement reached with Major Lenders 
 
23-Jul-2019 / 06:13 CET/CEST 
Release of an ad hoc announcement pursuant to Art. 53 KR 
The issuer is solely responsible for the content of this announcement. 
 
/ 
 
Airopack Technology Group - Agreement reached with Major Lenders 
 
*Baar, 23 July 2019* - Airopack Technology Group AG ("*Airopack*") announced 
today that by decision dated 22 July 2019, the Cantonal Court of Zug, at the 
request of Airopack and its administrator, has approved certain agreements 
entered into by Airopack and its sole remaining subsidiary I.P.S. Holding 
B.V. with the major lenders. Under the agreements and as anticipated in the 
press release dated 11 February 2019, Airopack and I.P.S. Holding B.V. will 
receive an amount of EUR 2 million. Airopack and I.P.S. Holding B.V. will 
further be released from all of their residual guarantee obligations in a 
nominal amount in the range of EUR 30 million which were assumed by Airopack 
and I.P.S. Holding B.V. in connection with the financing of the former 
Airopack Group. All other security interests granted by Airopack and I.P.S. 
Holding B.V. for such financing have also been released. 
 
In consideration, Airopack has agreed, amongst others, to assign certain IP 
rights which are no longer required by it to I.P.S. B.V. (which was 
previously owned by I.P.S. Holding B.V. and subsequently separated from 
Airopack), and Airopack has further entered into an agreement on the 
coordination of steps and the sharing of potential proceeds in relation to 
certain liability claims Airopack may have. It is not clear at this stage 
whether any such claims exist and will be pursued. Furthermore, I.P.S. 
Holding B.V. has agreed to transfer certain minority shares and tax loss 
carry forwards no longer required by it. Court approval was required in view 
of the contemplated transfer of certain IP rights by Airopack. 
 
The conclusion of the agreements is an important milestone in the 
restructuring efforts of Airopack. The additional liquidity of EUR 2 million 
is, however, not sufficient to satisfy all liabilities to creditors which 
have filed claims in the composition proceedings. Airopack will continue 
discussions with its creditors with a view to finding a solution to 
eventually exit the definitive moratorium. 
 
The Board of Directors will provide further updates, in particular on the 
progress as needed. 
 
*Contacts:* 
 
Airopack Technology Group AG 
Antoine Kohler, Chairman 
 
Blegistrasse 5/1 OG 
CH-6340 Baar 
TF: [phone] 
www.airopackgroup.com [1] 
 
For investors: 
Airopack Technology Group AG 
 
Martin Eberhard 
[e-mail] 
TF: [phone] 
 
For media: 
Tolxdorff Eicher Kollektivgesellschaft 
 
Daniel Eicher / Theresia Tolxdorff 
[e-mail] 
TF: [phone] 
 
*Disclaimer* 
This Ad Hoc Release / Press Release may contain certain 
forward-looking statements. In some cases forward looking 
statements can be identified by the use of terms such as 
"believes", "enables", "estimates", "anticipates", "projects", 
"expects", "intends", "may", "will", "seeks" or "should" or 
variations thereof, or by discussions of strategy, plans, 
objectives, goals, future events or intentions. By their nature, 
forward-looking statements involve risk and uncertainty because 
they relate to future events and circumstances. 
 
Actual outcomes and results may differ materially from any 
outcomes or results expressed or implied by such forward-looking 
statements. The success or achievement of various results, 
targets and objectives is dependent upon a multitude of factors, 
many of which are beyond the control of Airopack. No 
representations are made as to the accuracy of such statements 
or that such results, targets or objectives will be realized. 
                   www.airopackgroup.com [1] 
 
End of ad hoc announcement 
Language:    English 
Company:     Airopack Technology Group AG 
             Blegistrasse 5 
             6340 Baar 
             Switzerland 
Phone:       [phone] 
Fax:         [phone] 
E-mail:      [e-mail] 
Internet:    www.airopackgroup.com 
ISIN:        CH0242606942 
Listed:      SIX Swiss Exchange 
EQS News ID: 844953 
 
End of Announcement EQS Group News Service 
 
844953 23-Jul-2019 CET/CEST 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=26ec27d0679301fe63ce8a1daf26a8df&application_id=844953&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

July 23, 2019 00:14 ET (04:14 GMT)