Windreich GmbH is said to be bankrupt. An application for self-administered insolvency has been filed at the Municipal Court of Esslingen. The bond subscribers were informed in a letter.
Cologne, NRW -- (SBWIRE) -- 09/25/2013 -- GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Bremen, Dusseldorf, Essen, Frankfurt, Hamburg, Hanover, Munich, Nuremberg, Stuttgart and London – htp://www.grprainer.com/en conclude: Windreich GmbH had posted two bond issues. As the company announced, the first bond (WKN: A1CRMO) has an emission volume of up to 50 million € and a term up to March 1, 2015. The interest coupon is at 6.5% per annum. According to Windreich, the emission volume of the second bond (WKN: A2H3V3) was up to 75 million €. That bond has a term up to July 14, 2016. The interest coupon is also at 6.5% per annum.
In a letter dated September 9th, Windreich GmbH informed its bond subscribers that it filed for self-administered insolvency on September 6th. As consistent media reports indicate, the application has already been approved. The provisional administrator is Stuttgart lawyer Holger Blümle. The company also reported that this self-administered insolvency is to ensure the company’s continued operations. In particular, completion of the MEG I offshore park is to go ahead.
Furthermore, the company’s founder, Willi Balz, has retired from management as of immediately. New managing director is Werner Heer who had previously been a consultant for Windreich GmbH.
With this insolvency, bond subscribers are facing an enormous financial loss. Even before this, they must have been greatly worried about an investigation by the Stuttgart state attorney’s office for suspected balance sheet manipulation and capital investment fraud and the late payment of bond interest. Now, their doubts must have grown bigger. At worst, the insolvency means that they could lose all their money.
They should immediately consult a lawyer with experience in banking and capital market law who can guide them through the next steps to be taken. It is important now to register claims on the insolvency table in due form and time, and the possibility of damage claims should be investigated as well.
GRP Rainer LLP http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Essen, Frankfurt, Hamburg, Hannover, Munich, Stuttgart, Bremen, Nuremberg and London UK.
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