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Information for Bondholders - Update 2

·17-min read

DGAP-News: One Square Advisory Services S.á.r.l. / Key word(s): Bond/Insolvency
15.11.2021 / 13:48
The issuer is solely responsible for the content of this announcement.

Munich, 15 November 2021

One Square and Heuking Kühn Lüer Wojtek would like to thank all bondholders of Eyemaxx Real Estate AG for their interest, their registration, and the trust you have placed in them. Please continue to support us. We would also like to thank you for your participation in the investor conference call on 11 November 2021. We have summarised the main contents for you.

As you have read in the press and learned from our conference call, the situation surrounding Eyemaxx Real Estate AG has worsened considerably. On 5 November 2021, Eyemaxx Real Estate AG filed an application for restructuring proceedings without self-administration at the Korneuburg Regional Court in Austria. The insolvency proceedings have since been officially opened by the Korneuburg Regional Court.

Key points or logic of the restructuring plan

The company has proposed a restructuring plan, the main points of which are set out below.

The tight timetable is intended to persuade creditors to agree to the company's restructuring plan without a competitive process and market test. In order to ensure the best possible realisation and optimal creditor satisfaction, it is imperative for the bondholders to organise themselves and establish strong representation in the insolvency proceedings.

Pooling of interests and documentation
One Square and Heuking Kühn have agreed to organise and take over the representation of the bondholders in the insolvency proceedings. We ask you - if you have not already done so - to provide us with the following documents:

Please send us the documents as soon as possible so that we can take the next steps, i.e. the election of a joint representative with legitimation in Austria as well as the registration of claims to increase our negotiating power, in a timely manner.
Please note that you will not incur any costs by signing the power of attorney. The remuneration of the joint representative is regulated by law and is borne by Eyemaxx Real Estate AG.

Exchange with the insolvency administrator
Due to mutual wishes, the opportunity arose to speak with the insolvency administrator and thus to gain an impression of the current circumstances. The main points of the exchange are listed below:

Existing liquidity in the company

Value of existing assets and real estate
At the moment we are not yet in a position to give a reliable assessment of the existing values.

These values do not correspond to our assessment, but to the company's restructuring plan. On the basis of the available documents, we are not yet able to make a reliable statement about the actual value. The value also depends on the type of realisation and can be narrowed down as follows:

It can therefore be assumed that the value of the assets lies between the quota of € 43 million offered in the plan and the assets of € 107 million shown in the balance sheet.

Appraisals are available for the collateralised properties, although some of them are already several years old. The following list is based on the list provided to us by the insolvency administration. According to the terms and conditions of the bond, further collateral is available, some of which is held by Eyemaxx Real Estate AG (e.g. Aachen and Würzburg). The current collateral situation must be verified with the trustee. According to our current knowledge, the following properties serve as collateral:
 

All insolvency creditors are entitled to the realisation proceeds from the following properties that do not serve as collateral. It should be noted that there is financing in the project companies whose value date we do not (yet) know:
 

 



Important upcoming topics
Our agenda focuses on the following issues:


Legal context
Calling of the meeting and election of a joint representative

One Square and Heuking Kühn Lüer Wojtek already represent more than 5% of the bondholders in each bond.
One Square, supported by Heuking Kühn Lüer Wojtek, has issued a convening notice to the management board of Eyemaxx Real Estate AG for a bondholders' meeting to elect a joint representative for each of the bonds issued by Eyemaxx Real Estate AG in order to ensure the best possible representation of the interests of the bondholders. We assume that the insolvency administrator will comply with this, otherwise a court order would be possible.
The provision in § 19 (3) SchVG, according to which the joint representative is entitled to assert the rights of the bondholders in the insolvency proceedings, only refers to insolvency proceedings in Germany.
For the Austrian insolvency proceedings, this initially means that the joint representative cannot represent the bondholders as a whole and, for example, file claims, but must be legitimised by the individual power of attorney of each bondholder. This entails considerable disadvantages for the bondholders:

We therefore ask all bondholders of Eyemaxx Real Estate AG to join these convening requests and also to support us in the election of the joint representative.
However, the election of the joint representative will only be after the deadline set in Austria for registration and the scheduled date for the vote on the plan. Therefore, the individual proxies for registration remain important.

Conclusion

It is imperative that bondholders exercise their rights. The broader the basis on which we place our call demands, the more powerful the bondholders' position will be.
We register your claims with the Austrian court. Please remember to send us a current deposit statement and the signed power of attorney. You can request the power of attorney from us. Please return the deposit statement and the signed power of attorney to us as soon as possible so that we can take the next steps promptly.
Please note that you will not incur any costs by signing the power of attorney. The remuneration of the joint representative is regulated by law and is borne by Eyemaxx Real Estate AG.
We thank you for your support and will inform you as soon as new information is available.
For questions, we can be reached at eyemaxx@onesquareadvisors.com.


Contact
One Square Advisors
- Eyemaxx -
Theatinerstrasse 36
D-80333 München
fax     +49-89-15 98 98-22
email: eyemaxx@onesquareadvisors.com
www.onesquareadvisors.com

About One Square

One Square Advisors GmbH is an independent advisory firm based in Munich with offices in Frankfurt, Düsseldorf and London and is one of the leading corporate finance firms in Germany. All partners and team members have many years of transaction and restructuring experience. They have worked in leading consulting firms, investment banks as well as in managing positions of companies. One Square has successfully completed over 100 transactions since 2009 and has an excellent track record in representing bondholders in restructurings and insolvency proceedings.

About Heuking Kühn Lüer Wojtek

With more than 400 lawyers, tax advisors and notaries at eight offices in Germany and an office in Zurich, Heuking Kühn Lüer Wojtek is one of the large German business advisory firms. Founded 50 years ago, Heuking Kühn Lüer Wojtek is one of the TOP 10 law firms in Germany in terms of revenue, according to the industry publication JUVE, where it is recommended as one of the leading law firms in the areas of bonds, restructuring, M&A and other areas. The scope of our legal advice ranges from medium-sized companies based in Germany and abroad to large international (also listed) companies in all commercial law matters.
 


15.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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