Beate Uhse AG: Creditors’ meeting approves insolvency plan – important milestone in the restructuring of the Group

Flensburg, 04 April 2018 Beate Uhse Aktiengesellschaft (ISIN DE0007551400, WKN 755140) announces that today’s creditors’ meeting has unanimously approved the presented insolvency plan (AZ: 56 IN 230/17). The approval of the creditors was an important step in the planned restructuring of the Beate Uhse Group.

A comprehensive financial restructuring of the Beate Uhse Group is planned as part of the insolvency plan accompanying the proceedings. The entry of an investor will preserve the viable part of the Beate Uhse Group and jobs. For this it is necessary to transfer the valuable assets of Beate Uhse AG to a new subsidiary (“NewCo”). With the purchase price and the proceeds from receivables from affiliated companies, the legal costs, the other assets and the insolvency dividend are paid to the creditors. The debtor itself in its current form will be settled in accordance with the regulations of the insolvency plan and thus also lose its listing on the stock exchange.

The ratio for the first insolvency dividend will be up to 1.77 %. The ratio for the second insolvency dividend to creditors cannot yet be determined due to the ongoing proceedings. Under the insolvency plan, the bondholders are offered to receive a subscription right to a second capital increase of the new company (“NewCo”) against the waiver of the first insolvency dividend and to acquire new shares in this company against cash funds to be paid. Only bondholders are permitted to subscribe for this capital increase against cash contributions of up to EUR 300,000.00.

The insolvency plan is subject to various conditions precedent, including the possibility for NewCo to acquire the valuable assets of Beate Uhse Netherlands B.V. (AZ: 56 IN 23/2018) in the insolvency proceedings at a market price.

The insolvency plan is published on Beate Uhse AG’s website at https://www.beate-uhse.ag/index.php/nachrichtenleser-de/insolvenzplan-der-beate-uhse-ag.html

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