euro adhoc: Fortune Management Inc. / Restructuring & Recapitalisations / Fortune closes Restructuring Agreement over EUR 101.750.000 (E)=
31 December 2008 - Fortune Management Inc. (FMI1) (General Standard, ISIN USU026281027, SIN: A0BLYY) announces that the Restructuring Agreement of 22 July 2008, as amended on 23 December 2008, has been closed. As a result of the closing of the Restructuring Agreement the participating Holders have transferred Bonds and Loan Notes with a nominal value of EUR 101.750.000 back to Fortune Management Inc. For that, the Creditors received a participation in a Restructuring Trust. Holders of Bonds with a nominal value of EUR 250.000 that have not yet acceded to the Restructuring Agreement are subject to the amended Bond terms of 13 August 2008 (see Ad-Hoc-Message of 14 August 2008). These Holders can accede to the Restructuring Agreement in the form and within the notice period provided therein.
In consideration of the above the Restructuring Trust has received a new 10-year-debenture with a nominal value of EUR 45.000.000, 2.000.000 Preferred Shares and 40.000.000 Common Shares in Fortune Management Inc. The Restructuring Trust has also received Options to acquire 94.9% of the shares in GATE Alternative Energy Holding AG as well as 100% of the shares in Fortune Wealth Management Group AG or a part of the proceeds from the sale of these companies or their assets respectively. In addition, those Holders eligible under the Restructuring Agreement receive a total of 19.775.088 Common Shares in return for the transfer of their Warrants.
(End of the Ad-hoc Message)
René Müller, CEO of Fortune Management Inc.: "Following the downright implosion of the valuations in the german bio-diesel market, it became obvious that our substantial, via pre-IPO bond financed, investment into GATE was impossible to be refinanced by way of IPO or trade-sale. The ensuing intensive negotiations with the creditors led to the signing of a principal Restructuring Agreement already in July 2008. It was due to the rapid and extensive changes in the economic environment, that parts of it had to be renegotiated before this closing. The now - in cooperation with all stakeholders - closed Agreement not only secures the going concern of Fortune but also paves the way for a greatest possible recuperation of the investments. Additionally, thanks to a relatively small dilution it conserves the value and optionality of the equity."
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