DGAP-Adhoc: IVG Immobilien AG: Insolvency plan disclosed by the District Court of Bonn

| Source: EQS Group AG
IVG Immobilien AG  / Key word(s): Insolvency

24.02.2014 12:22

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Ad hoc release on disclosure of the insolvency plan
pursuant to Section 234 of the German Insolvency Code (InsO)

IVG Immobilien AG: Insolvency plan disclosed
by the District Court of Bonn

The insolvency plan of IVG Immobilien AG (IVG or Company) was disclosed
today by the District Court of Bonn. It is thus now accessible for the
parties involved in the proceedings.
The insolvency plan disclosed provides, inter alia, the following measures
for creating a solid capital and financing base which is viable on the

(i) A debt-to-equity swap, through which the share capital of the Company
will be reduced to nil at first. Then the creditors of (a) the syndicated
loan agreement for EUR 1,350 million dated 25 September 2007/13 April 2012
(SynLoan I), (b) the bilateral loan agreement for EUR 100 million dated 30
November 2007/13 April 2012 (LBBW loan) and (c) the convertible bond (ISIN:
DE000A0LNA87) obtain the economic option to acquire 100% of the newly
issued shares in the company - under exclusion of the subscription rights
of existing shareholders - as part of a subsequent capital increase. The
subscription right of the above-mentioned groups of creditors or their
right to acquire financial instruments in the holding companies which are
yet to be established is broken down as follows: approximately 80%
(creditors of SynLoan I and of the LBBW loan) and approximately 20%
(creditors of the convertible bond). As a consequence of the capital
reduction to nil as part of the debt-to-equity swap, the Company will be
delisted. Regardless of this, in the near future, the Company will apply to
the Frankfurt Stock Exchange to change from the Prime Standard to the
General Standard of the local regulated market.

(ii) The liabilities of the Company as a result of the loan agreement for
EUR 1,047.4 million dated 12 May 2009/24 February 2012 (SynLoan II) shall
be deferred and interest shall accrue during the deferral period.

(iii) Due to the hybrid bond (ISIN: DE000A0JQMH5), no regulations are
provided in the established insolvency plan for the Company's subordinate
liabilities, so that they are considered waived in accordance with the
regulations of the Insolvency Code with the legal force of a court

(iv) Under the established insolvency plan, the general planned ratio
amounts to 60%. Under the insolvency plan disclosed, secured creditors and
creditors with special rights will be offered higher planned quotas in
exchange for surrendering their collateral and special rights. In
particular, the level of these increased planned quotas depends on the
extent of the collateral and special rights and under the established
insolvency plan, is between 68% and 80%; for the creditors of the
convertible bond this amounts to an increased planned quota of 68%.

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Language:     English
Company:      IVG Immobilien AG
              Zanderstr. 5-7
              53177 Bonn
Phone:        +49 (0)228 844-400
Fax:          +49 (0)228 844-372
E-mail:       ir@ivg.de
Internet:     www.ivg.de
ISIN:         DE0006205701, DE000A0JQMH5
WKN:          620570, A0JQMH
Listed:       Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
              Standard), München; Freiverkehr in Hamburg, Hannover,
End of Announcement                             DGAP News-Service