Branicks - comment

Stage 1.5 is underway at Branicks, with a deadline by Friday to sign up to the fresh cash. To recap, Step 1 bought time (done on 18 August). It saw the SchVG vote extend bond maturity to 31 December 2026, appoint MR Treuhand GmbH as joint representative, and waive termination rights. Step 1.5 will provide liquidity through to restructuring close: Bridge funding (this — 4th of September): € 95m of new money to be raised from existing noteholders and SSD holders via Woodpecker Finance SPVs, on-lent to Branicks (€ 35m) and VIB (€ 60m). Participants receive bridge notes that convert 1:1 into New SSNs at step 2 close. So this is where the super-senior tier is being created ahead of the formal vote. Step 2 will determine final recoveries: (autumn, date pending): A second SchVG vote implements the full bifurcation. EUR 375m Senior Secured Principal at 7.5% cash to September 2030, EUR 220m Subordinated PIK at 15% to 2038. The bridge notes will convert to New SSNs.