Provisional insolvency administrators appointed for Green City group companies
Munich, 01.03.2022 – The Munich Local Court has appointed Axel W. Bierbach from the law firm Müller-Heydenreich Bierbach & Kollegen (MHBK) as the provisional insolvency administrator of the insolvent Green City Group company Green City Energy Kraftwerkspark II GmbH & Co. KG. Furthermore, Oliver Schartl, also a partner at the law firm MHBK, was appointed provisional insolvency administrator of Green City Energy Kraftwerkspark III GmbH & Co. KG and Green City Solarimpuls I GmbH & Co. KG. On 17 February 2022, the three companies had each filed an application for the opening of insolvency proceedings with the Munich Local Court due to imminent insolvency. The court did not follow the companies’ simultaneous applications for proceedings in self-administration. Meanwhile, the investor process for the sale of the parent company Green City AG is progressing very promisingly.
The three group companies of Green City AG were founded for the purpose of financing renewable energy plants and have issued registered and listed bearer bonds with a total volume of around €115 million. The insolvency applications were triggered by the fact that the companies will probably not be able to meet their interest and repayment obligations in full. In the past, all three companies had granted loans to the likewise insolvent parent company Green City AG, which are now no longer of value. The following bonds are affected by the insolvency:
- Green City Energy Kraftwerkspark II GmbH & Co. KG: Tranche A (ISIN DE000A161MQ1/WKN A161MQ) as well as Tranches B (ISIN DE000A161MR9/WKN A161MR as well as ISIN DE000A14KH45/WKN A14KH4) as well as the registered bonds of Tranches A and B; vorl. Insolvency administrator Axel W. Bierbach
- Green City Energy Kraftwerkspark III GmbH & Co. KG: Tranche A (ISIN DE000A2AALN4/WKN A2AALN), Tranche B (ISIN DE000A2AALP9/WKN A2AALP) and Tranche C (ISIN DE000A2G8V82/WKN A2G8V8); vorl. Insolvency administrator Oliver Schartl
- Green City Solarimpuls I GmbH & Co. KG: ISIN DE000A2GSTH8/WKN A2GSTH; vorl. Insolvency administrator Oliver Schartl