Goodwin has advised Veganz Group AG in connection with the restructuring of its listed EUR 10m bearer bond.
The repayment date was extended by 5 years and in addition to the regular interest rate, the creditors receive a top-up interest depending on the market capitalization of Veganz.
The restructuring was implemented in line with the German Bond Act (Schuldverschreibungsgesetz). Under such act, a bond can be restructured provided that a quorum of creditors holding at least 25% of the bonds are present in the respective creditors’ meeting and 75% of the present bond capital agrees to such amended terms.
Veganz Group, headquartered in Berlin, Germany, was founded as the first vegan supermarket chain in Europe. At present, Veganz offers around 165 vegan products in 26 countries, as well as in online stores.
Goodwin’s team in Frankfurt was led by partners Jochen Schnepper (Finance) and Markus Käpplinger (Corporate) and included associate Timo Baumann.