The creditors of the insolvent clothing supplier Gerry Weber International AG have voted in favor of the restructuring plan by a large majority.
The plan was approved with the required majority, Gerry Weber announced on Friday. As a result, the restructuring can now be implemented. Part of this is new borrowing funds, which deleverage the group.
New renovation investor
Since the share capital of Gerry Weber International AG has been used up, a complete capital cut accompanies the restructuring measures on the outside capital side. This will set the share capital to zero and the previous shareholders will leave without compensation. In addition, a capital increase to EUR 50,000 is part of the capital cut. The new shares are to be subscribed to by the Luxembourg investor GWI Holding S.à rl.
“With today’s creditor approval, we have reached a crucial milestone in the further implementation of our restructuring concept,” said Chief Financial Officer Florian Frank. “We are putting the Gerry Weber Group back on a solid financial basis and can focus on the operational challenges that still lie ahead.
The Essen Restructuring Court has set the date for the confirmation of the restructuring plan for September 27th. A decision is then made as to whether the capital cut is possible. To this end, the conditions precedent provided for in the restructuring plan must be implemented.
Gerry Weber has been in the process of restructuring since April, which also resulted in the closure of more than 120 stores.