The East German bicycle manufacturer MIFA is the bankruptcy escaped. The Indian industry giant Hero Cycles increases with at least 15 million euros in the company of a Sangerhausen how funds German bicycle Werke AG announced (MIFA). This Hero Cycles is the future of up to 89 percent of MIFA shares. At the same time MIFA is its debt. In the course of a capital reduction, the existing shareholders have to give way, including Carsten Maschmeyer, who had the acquisition threaded through the Indians before the crisis of the biggest-selling German bicycle manufacturer and so far holds 28 percent. The company mainly supplies large retail chains such as Aldi cheap bicycles.
“I am delighted that the work can be obtained at MIFA and the company has a future,” said Maschmeyer, founder of the financial distribution AWD, on Saturday. He had bought a MIFA-share package worth about twelve million euro three years ago. Like Maschmeyer also the former CEO Peter Wicht’s (24 percent) as well as empty-handed.
as chief renovators in the MIFA Board fetched Stefan Less said: “. Rehabilitation of MIFA is thus located on the home stretch” In the Company of Saxony-Anhalt a balance hole of 28 million euro was created, because inventory and stocks had been recorded incorrectly. The agreement still hung last to the creditors of a 25-million euro SME loan, the MIFA had gone only a year ago. Already the first installment of interest, the company could no longer pay the middle of August. The official representative of the bondholders, Frank Günther expected, before that they were about to lose up to 85 percent of their claims in a bankruptcy. Now they have the chance to see her again at least 60 percent of their money if MIFA comes back on its feet.
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The bondholders are ten percent of the MIFA shares. In return, the company must pay back the 25 million-euro bond only ten million euros – and the only 2021 instead of 2018, the interest rate will be reduced from 7.5 percent to one percent. Commerzbank, the German bank Sachsen LB and where MIFA is in debt with more than 25 million euros, enter the Noteholders as required from 7.5 million euros in collateral. In recent months, there were many companies that had issued SME bonds, spin or had filed for bankruptcy.
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