Hallmann wants Restructuring with Self-Administration

This was announced by the creditor protection associations AKV and KSV 1870 after the examination meeting on Tuesday. In the reorganization procedure, 66 creditors have registered claims of 135 million euros, of which around 119 million euros were recognized. The creditors will vote on the reorganization plan on October 28. This plan provides for a quota of 30 percent payable within two years.

Hallmann Continues to Pursue Reorganization Procedure

Around 75 million euros of the claims are due to Hallmann's liabilities for loans from companies in his corporate group, the KSV 1870 further announced. "These liabilities of the debtor are predominantly offset by land register securities of the creditors at the level of the project companies," Tanja Schartel from KSV1870 further stated.

According to the insolvency administrator, Hallmann can only raise the reorganization plan quota if those creditors whose claims are secured in the land register at the project companies support the fulfillment of the reorganization plan through subordination declarations. According to AKV, the value of the assets, which essentially consist of directly and indirectly held real estate assets, should also be determined by the voting meeting.

(APA/Red)

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