Beate Uhse receives DIP-financing loan of around EUR 2.7 million

Flensburg, 9 January 2018 Beate Uhse Aktiengesellschaft (ISIN DE0007551400, WKN 755140), which is currently in preliminary insolvency proceedings as a debtor-in-possession (“DIP”), will receive a DIP loan of approximately EUR 2.7 million, which will be provided by Prime Capital Debt SCS, SICAV-FIS Robus Recovery Sub-Fund.

The preliminary custodidan and the creditors’ committee have consented to the granting of the loan. The purpose of the loan is to maintain Beate Uhse AG’s business operations during the debtor-in-possession proceedings. This loan will be used to replenish inventories which have fallen sharply during the Christmas business, both in e-commerce and in the German branches. In addition, management, under the leadership of CEO Michael Specht, is thereby receiving initial room for measures to push ahead with the restructuring of the company. The management is assisted by two partners of BBL Bernsau Brockdorff as general representatives.

On 15 December 2017, Beate Uhse AG filed an application for the opening of insolvency proceedings as debtor-in-possession proceedings before the Local Court of Flensburg. By order of the same day, the Local Court of Flensburg initiated preliminary insolvency proceedings as debtor-in-possession proceedings and appointed Dr. Sven-Holger Undritz as preliminary custodian. The Executive Board and BBL Bernsau Brockdorff’s two general representatives, Justus von Buchwaldt and Dr. Georg Bernsau, are currently working on a so-called “dual track solution” and are pursuing two options: Continuation of the company within the scope of insolvency plan proceedings with a subsequent complete restructuring, which can be accomplished with the help of additional loan funds. Alternatively, a sale of the company in the course of an M&A transaction is conceivable.

About Beate Uhse AG:
Beate Uhse was founded in 1946 and is a European erotic company with around 345 employees (FTE) in seven countries. Beate Uhse stands for over 70 years of experience and expertise in the erotic industry and has a very high brand recognition. The focus is on B2C, which is covered by two central sales channels – e-commerce and stationary retail – and which are closely interlinked as part of the cross-channel strategy. The Beate Uhse share (XETRA: USE. DE) has been listed on the Frankfurt Stock Exchange since May 1999. More information can be found at www.beate-uhse.ag.

About BBL:
BBL is one of the leading law firms with an exclusive focus on reorganisation, restructuring and insolvency. The firm has extensive experience in complex restructuring projects both within and outside insolvency proceedings. More than 50 lawyers work at BBL in Germany and in London.
Further information: www.bbl-law.de

Contact:
BBL Bernsau Brockdorff & Partner Attorneys at Law
Dr. Georg Bernsau
solicitor
Phone: +49 69 963761-130 – Fax: +49 69 963761-145
E-mail: frankfurt@bbl-law.de