Ad hoc announcement pursuant to § 15 WpHG: DF Deutsche Forfait AG files for Schutzschirmverfahren in order to continue its restructuring process

• Talks with investors have not yet delivered a positive result
• Sales offers from bondholders amounting to EUR 2.5 million are insufficient

With a view to continuing its restructuring process, the Board of Management of DF Deutsche Forfait AG (Prime Standard, ISIN: DE000A14KN88) today decided to file an application for the opening of a “Schutzschirmverfahren in Eigenverwaltung” (a three-month phase of creditor protection with debtor-in-possession status) with the Cologne local court. This step has become necessary after the talks with investors on filling the existing equity capital gap failed to deliver a positive result to meet the 30 September deadline. Meeting this deadline was a condition precedent for the official entry in the Company’s Registry of the cash and non-cash capital increases carried out in June and July 2015, respectively. These capital measures were designed to strengthen the equity capital which had been severely depleted as a consequence of the OFAC listing as well as to achieve the minimum strengthening of the equity capital stipulated in the IDW S6 restructuring report. In addition, only an insufficient number of bondholders have to date agreed to sell their bonds at a 50% discount to their nominal value. As of this morning, the company was in receipt of sales offers for bonds worth EUR 2.5 million (nominal), which was EUR 2.5 million short of the required volume.

Assuming that the court grants the “Schutzschirmverfahren in Eigenverwaltung” filing, DF Deutsche Forfait AG will have the possibility to complete the restructuring which it has launched based on a sustainable restructuring plan and implemented successfully in large parts without the threat of foreclosures being filed by creditors. By remaining debtor-in-possession during the Schutzschirmverfahren period and continuing its operations, the company intends to push ahead the promising development of its business operations seen in recent months and to regain its position in its familiar markets. Again assuming that the court will grant the application, DF Deutsche Forfait AG’s affairs will continue to be managed by its existing Board of Management. The company envisages continuing the full extent of its operations.

During the fixed three-month period of the Schutzschirmverfahren, DF Deutsche Forfait AG will be protected from foreclosures and other enforcement measures by creditors and will retain its full capacity to conduct business. The Board of Management has opted for this route in order to bring the talks with the various investor groups to a successful conclusion with a view to restructuring the company on a sustainable basis.