ESPG AG Updates Restructuring Plan Under StaRUG

ESPG AG has announced revisions to its reorganisation plan, which will be submitted to the Cologne Local Court. The plan, initially adopted on 28 October 2024, is part of the restructuring process under the German Stabilisation and Restructuring Framework for Companies (StaRUG).

The revised plan maintains the reduction of share capital to zero, followed by an increase to EUR 50,000. ESPG Recap Partners SCSp is to hold 85% of the new capital, while ESPG BondCo S.à r.l. will take 15%. The bond term, assumed by BondCo, extends to 1 October 2029, altering the previous date of 2036.

A comparative analysis by Forvis Mazars shows bondholders could realize a 15.25% value recovery if the plan proceeds, unlike a 1.3% recovery rate in insolvency scenarios. ESPG AG will keep stakeholders informed of ongoing developments.