Ernst Russ AG

Capital/Financing Update • Feb 11, 2010

News Details

Ad-hoc | 11 February 2010 11:55

HCI Capital AG: Successfully executes agreement on restructuring concept

HCI Capital AG / Restructure of Company

11.02.2010 11:55

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

---

HCI Capital AG today executed a comprehensive restructuring agreement with
all banks involved. Once implemented, this restructuring concept will
relieve HCI Group of all material risks, and aims at securing the Group's
liquidity. The agreement provides key requirements for HCI Group to return
to growth once the crisis is over.

The banks have declared a moratorium on any drawdowns on all of HCI Capital
AG's material contingent liabilities vis-à-vis these banks until 30
September 2013. In addition, the parties intend to cancel these contingent
liabilities by 28 April 2010. A EUR 22 million capital increase is planned
once these contingent liabilities have been cancelled, which will also give
banks a compensation claim in the aggregate amount of EUR 12.5 million,
which will only become due after the complete cancellation of the
contingent liabilities and is subject to achieving certain profitability
and liquidity thresholds. The Management Board has undertaken to endeavour,
to the extent legally permissible, that no dividends will be distributed to
shareholders unless the compensation payment has been made in full.

Moreover, the banks providing finance to the Group will have the option to
convert their loan exposures (totalling approximately EUR 36 million) into
equity, or into long-term financings. In this context, HCI Capital AG has
undertaken to utilise - upon request - the existing authorised capital of
EUR 6 million to the extent required (in full if necessary) to issue up to
6 million shares to the requesting banks against contribution of the
respective banks' full claims against HCI Capital AG.

The restructuring agreement with the banks is subject to various
conditions, including the participation of the Group's two major
shareholders, MPC Capital AG and Döhle Group, in the restructuring measures
agreed upon. Both major shareholders have welcomed the restructuring, and
have expressed their full support. HCI Capital AG therefore expects the
conditions precedent for the restructuring agreement to be fulfilled.
Whilst the majority of contingent liabilities will be covered by the
moratorium with immediate effect, the inclusion of contingent liabilities
in the amount of approx. EUR 140 million is subject to the financial
restructuring of a single shipping project. The restructuring of this
project has already reached an advanced stage.

Contact:
HCI Capital AG
Dr. Olaf Streuer
Head of Corporate Communication / Business Development
Tel: +49 40 88 88 1 1100
olaf.streuer@hci-capital.de

11.02.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

---

Language: English
Company: HCI Capital AG
Burchardstraße 8
20095 Hamburg
Deutschland
Phone: +49 (0)40 88881-0
Fax: +49 (0)40 88881-199
E-mail: ir@hci-capital.de
Internet: www.hci-capital.de
ISIN: DE000A0D9Y97
WKN: A0D9Y9
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg;
Freiverkehr in Berlin, München, Hannover, Düsseldorf,
Stuttgart

End of News DGAP News-Service

---