The self -administration of SC Finance Four GmbH (SCF 4) today submitted an application to the district court of Offenbach in accordance with Section 212 of the Insolvency Code (InsO). The prerequisites for the bankruptcy no longer exist because the original reasons for insolvency were fully removed.
Since the opening of the bankruptcy proceedings in self -administration on March 19, 2024, intensive work on the assessment of the subordinated claims of SCF 4 to the project companies. The administrator had a number of reports and third -party validation, which confirmed an overall requirement value of less than 11 million euros. Since considerable additional investments would be necessary to use the projects, no further returns can be expected, even if you wait, even if you wait for a long time.
The structural change, instead of an insolvency plan solution or a claim for claims in insolvency proceedings, to end the insolvency proceedings and to transfer it into a solvent liquidation has advantages for investors. Instead of the originally expected revenue of 11 million euros, a revenue of a total of 17 million euros can be achieved for the claims of PRE 9 and PRE 10. In addition, an improvement mechanism between the investor and the SCF 4, which the creditors PRE 9 and PRE 10 assures a fund of up to another 5 million euros by the end of 2026 was assured if higher repayments from certain projects were to be realized. This results in an increase in the creditor rate of originally 17 million euros to up to 22 million euros.
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