December 1, 2018 / 1:01 AM / 9 days ago

BRIEF-Airopack Technology Announces Comprehensive Recapitalisation Plan

Nov 30 (Reuters) - Airopack Technology Group AG:

* EQS-ADHOC: AIROPACK TECHNOLOGY GROUP AG ANNOUNCES A COMPREHENSIVE RECAPITALISATION PLAN WITH A FULLY UNDERWRITTEN EUR117M RIGHTS OFFERING, SIGNIFICANT DEBT REDUCTION AND MATURITY EXTENSION OF REMAINING INDEBTEDNESS TO 2022, AND A NEW GOVERNANCE STRUCTURE

* AIROPACK TECHNOLOGY GROUP - ANTOINE KOHLER, CHAIRMAN OF THE BOARD OF DIRECTORS, IS TAKING OVER AS INTERIM CEO; NEW CEO ALREADY IDENTIFIED

* AIROPACK TECHNOLOGY -QUINT KELDERS HAS DECIDED TO STEP DOWN AS CEO; CONTINUES SERVING AS MEMBER OF CO'S BOARD OF DIRECTORS AND AS A STRATEGIC ADVISOR

* AIROPACK TECHNOLOGY -PLANS TO RAISE ABOUT EUR117 MILLION GROSS PROCEEDS VIA DISCOUNTED RIGHTS OFFERING CURRENTLY EXPECTED TO TAKE PLACE IN H1 2019

* AIROPACK TECHNOLOGY -AS PART OF PROPOSED RECAPITALISATION, TRANSACTION FURTHER INCLUDES NEW LIQUIDITY BRIDGE OF EUR25M, TO BE PROVIDED BY APOLLO FUNDS

* AIROPACK TECHNOLOGY -APOLLO FUNDS TO BE ASSURED OF CONTROLLING, THROUGH AGREEMENT WITH Q-INVEST AT LEAST 50% PLUS ONE SHARE OF OUTSTANDING SHARE CAPITAL

* AIROPACK TECHNOLOGY-APOLLO FUNDS TO EXTEND MATURITY OF EUR5M OF SUPER SENIOR DEBT PROVIDED IN AUGUST 2018 WITH TERMS IN LINE WITH NEW LIQUIDITY BRIDGE

* AIROPACK TECHNOLOGY -SIGNIFICANT REDUCTION IN TERM DEBT FROM EUR127M TO EUR51M AND EXTENSION OF MATURITIES TO 2022 UPON COMPLETION OF RIGHTS OFFERING Source text for Eikon: Further company coverage:

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