Pierer Industrie AG: Pierer Industrie AG submits restructuring plan in accordance with the Restructuring Ordinance (ReO)

Wels (pta008/27.12.2024/16:15) -
* Full repayment of bonds and promissory note loans
* Payment of interest as agreed
* Change of the repayment dates to 31 December 2026 and 31 December 2027

Pierer Industrie AG is currently undergoing European restructuring proceedings in accordance with the Restructuring Ordinance (ReO). The only affected creditors are those under

- a bond admitted to official trading on the Vienna Stock Exchange with a total nominal value of EUR 100 million (term: 2020-2028; ISIN AT0000A2JSQ5),

- a privately placed bond with a total nominal amount of EUR 15 million (term: 2021-2033) and

- two promissory note loans outstanding in the amount of EUR 132.5 million (terms: 2020-2025 and 2020-2026).

All other liabilities of Pierer Industrie AG are not affected by these restructuring proceedings.

Pierer Industrie AG is submitting its restructuring plan to the court today. This provides for the following key points:

- All of the above-mentioned bonds and promissory note loans will be repaid in full.

- Interest is also paid as agreed.

- The repayment dates for all of the above financing are changed to 31 December 2026 and 31 December 2027.

Pierer Industrie AG therefore has two years to raise the liquid funds to repay the above-mentioned bonds and promissory note loans. Sources of financing are both cash inflows from the shareholder level and from a profit participation right relating to the sale of shares in Leoni AG. Additional funds can also be generated by strategically linking SHW AG (Germany) and Pankl Racing Systems AG (Austria), subsidiaries of Pankl AG. This may lead to a (partial) sale of shareholdings.

The creditors (bond and promissory note creditors) who register their claims in good time by 31 January 2025 will vote on the company's restructuring plan at the restructuring plan meeting to be convened by the court.

Legal notice

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE OR A SOLICITATION OF AN OFFER TO PURCHASE SECURITIES OF PIERER INDUSTRIE AG. IT IS NOT FOR DISTRIBUTION, TRANSMISSION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.

(Ende)