ACCENTRO Secures Bondholder Support Amid Financial Restructuring

ACCENTRO Real Estate AG, on May 10, 2024, disclosed successful negotiations with a group of major bondholders concerning the 2020/2026 bond, demonstrating a strong step towards financial stabilization. The signed 'no action letter' by bondholders, representing approximately 41.6% of the bond capital, aims to prevent termination of the bond over potential financial covenant breaches.

The agreement includes clauses like third-party validations for validity, milestone achievements by ACCENTRO, and a temporary term until July 14, 2024, focusing heavily on restructuring solutions to be further negotiated. Meanwhile, discussions with the bondholder of the 2021/2029 bond remain ongoing, marked by constructive yet incomplete negotiations on certain commercial and legal terms.

ACCENTRO's management team, along with their advisors, is actively working to finalize these talks and reach a comprehensive agreement that would further cement their financial strategy and assure stakeholders of their commitment to compliance and recovery.