Charles Barker Corporate Communications GmbH
Institutional Creditors of Hamburg Commercial Bank AG deny support for new financing round of the Bank
Hamburg/Kiel, 7 May 2019
Two groups of more than 35 institutional investors (the “Creditors”) and their affiliates who manage in aggregate more than EUR 850 billion today announce that they will not participate in Hamburg Commercial Bank AG’s (“HCOB” or the “Bank”) upcoming senior bond financing. The Creditors include multiple German insurance companies as well as investment funds based in Germany, elsewhere in Europe and the United States. The two creditor groups collectively own over EUR 1.4 billion of tier 1 instruments issued by HCOB and are separately advised by the law firms of Quinn Emanuel Urquhart & Sullivan, LLP and BRP Renaud & Partner mbB. This statement is in reaction to news that the Bank is holding a series of fixed-income investor meetings across Europe over the next two weeks following which HCOB plans to issue new senior-ranking debt. In the Creditors’ view the Bank, over many years and continuing today, has exhibited a total disregard for creditors’ rights and the rule of law. To make matters worse, in the Creditors’ opinion, HCOB’s management has knowingly misled investors. The recent actions of the Bank under its new private equity owners, who include Cerberus Capital Management, L.P., J. C. Flowers & Co., and GoldenTree Asset Management LP (together the “New Owners”), have only further increased the Creditors’ concerns. In the opinion of the Creditors, HCOB’s actions adverse to its creditors include:
The Creditors also have no confidence that disclosures by the Bank in its prospectuses and statements made by HCOB’s management can be relied upon. HCOB, including its CEO Stefan Ermisch and the CFO Oliver Gatzke, has, in the opinion of the Creditors, made statements which were self-serving, incorrect and misleading about the Bank’s accounting, its outlook and planned actions. As late as 26 November 2018, HCOB made a disclosure that could only be read to suggest that its tier 1 instruments would be written-up to par and would pay coupons in the future. Yet a few days after this date, the tier 1 instruments were terminated. ### End of Press Release ### Charles Barker Corporate Communications GmbH is issuing this press release on behalf of the group of creditors outlined above. Charles Barker Corporate Communications GmbH Thomas Katzensteiner / Tobias Eberle +49 69 794 090 -25 / -24 Thomas.Katzensteiner@charlesbarker.de Tobias.Eberle@charlesbarker.de End of Media Release Issuer: Charles Barker Corporate Communications GmbH Key word(s): Finance
07.05.2019 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG. |
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