- Debtor-in-possession status to be retained
Cologne, 5 January 2016 – On 1 January 2016, the Cologne local court resolved to open the insolvency proceedings for DF Deutsche Forfait AG (Prime Standard ISIN: DE000A14KN88) as planned and ordered that the debtor-in-possession status be retained. On 29 September 2015, DF Deutsche Forfait AG had applied for the opening of a “Schutzschirmverfahren in Eigenverwaltung” (a three-month phase of creditor protection with debtor-in-possession status), which was approved by the court because of the prospect of the company being restructured successfully. In the ensuing months, the Board of Management, together with the provisional insolvency monitor and the creditors’ committee, pushed ahead with the restructuring. The fact that the creditors’ committee unanimously approved the continuation of the proceedings with the company retaining the debtor-in-possession status clearly reflects the confidence placed by the creditors in the successful restructuring. On this basis, the Board of Management of DF Deutsche Forfait AG will agree the insolvency plan with the creditor groups and submit it to the court as soon as possible.