BRANICKS Group AG announced that holders of its EUR 400 million green bond have approved all proposed resolutions by the required qualified majority, marking a significant step in the company's financial restructuring. The vote, conducted without a meeting under Section 18 of the German Bond Act, saw participation from noteholders representing significantly more than 50% of the outstanding principal, exceeding the quorum requirement.
The approved resolutions include the appointment of MR Treuhand GmbH as joint representative for all noteholders. This representative is authorized to declare a waiver of certain termination rights and to forbear from demanding repayment of the bond due September 22, 2026, until the completion of the planned comprehensive restructuring. Additionally, bondholders agreed to amend the bond terms, extending the maturity to December 31, 2026, with an option to extend further to March 31, 2027.
The amendments will take effect after a one-month period for potential challenges, with the full text of resolutions to be published in the Federal Gazette. The extension, combined with planned bridge financing of EUR 35 million, provides necessary time and financial flexibility for the restructuring agreed upon in lock-up agreements signed on July 30, 2026, effective July 31, 2026, with a group of bond and promissory note creditors.
Next steps include a second vote to address the comprehensive restructuring of the bond. The company will continue to inform capital markets in accordance with legal requirements. This development is critical for BRANICKS Group as it navigates its financial challenges, and the successful vote demonstrates creditor support for the restructuring plan.
For more details, the original release can be viewed on NewMediaWire.
