Oct 13 2016
Little hope for investors of German pellets
The approximately 17,000 investors of the insolvent German pellet group have only a small chance to see their money again.German Pellets had collected approximately 280 million € of capital through the issue of bonds. business.conbio.info/2016-10-12/
The insolvency administrator Bettina Schmudde reported at a recently held creditor’s meeting in Schwerin that the proceeds from the insolvency mass largely go to creditors with secured rights, mostly banks which have secured loans with land register entries.
German Pellets had collected approximately 280 million € of capital through the issue of bonds. According to Schmudde, the company could possibly have been insolvent since mid-2015. However the rating agency Creditreform, still confirmed a satisfactory balance sheet in November 2015, but warned of liquidity problems in the repayment of the 2011/16 bond of € 52 million due on April 1, 2016.
German Pellets filed for insolvency on 10 February 2016.