Branicks Group AG Plans Extension of Loan Terms and Postpones Financial Statements

Branicks Group AG announced its intention to extend the terms of promissory note loans due in 2024 by applying the StaRUG procedure and subsequently postponing the publication of its 2023 consolidated financial statements. The Frankfurt-based company is in advanced negotiations to extend the maturity of loans amounting to Euro 225 million currently due in 2024. The StaRUG procedure, facilitating this restructuring, would allow adjustments with the consent of 75% of the debt holders.

As a result of this timeline, Branicks has delayed its financial reporting for the fiscal year 2023 until April 30, 2024. The company also continues talks to extend the term of a Euro 200 million bridge financing for its 2022 acquisition of shares in VIB Vermögen AG. An Independent Business Review by FTI-Andersch has validated the company's strategy, indicating positive prospects for these discussions.

Branicks remains committed to keeping stakeholders informed in line with regulatory obligations, highlighting the ongoing process's transparency and the management's optimism towards achieving favorable outcomes.