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Tomorrow Now AG (formerly: The Social Chain AG)
Legal Proceedings Report • Aug 4, 2023
6496_rns_2023-08-04_da614c5a-3b06-41bc-acef-9eeb75db0cbc.html
Legal Proceedings Report
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Corporate | 4 August 2023 10:00
The Social Chain AG: Social Chain AG receives first payments from DIP loan and starts M&A process
EQS-News: The Social Chain AG / Key word(s): Restructure of Company
The Social Chain AG: Social Chain AG receives first payments from DIP loan and starts M&A process
04.08.2023 / 10:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
Social Chain AG receives first payments from DIP loan and starts M&A process
Berlin, 4 August 2023. Social Chain AG has received the first payments from the DIP loan and has thus been able to secure the ongoing wage and salary payments of its around 40 employees via the insolvency payments of the German Federal Employment Agency (Bundesagentur für Arbeit).
Following the confirmation of the preliminary self-administration by the court, the Management Board of Social Chain AG has now initiated an orderly M&A process. In the neutral process, which is open to competition, it is to be determined whether investor solutions represent the best possible restructuring option for the creditors of Social Chain AG. The search for investors focuses in particular on DS Group as the most valuable investment within the Social Chain group.
Initial talks with interested parties have already been held and show a continuing interest in DS Group as a whole. In terms of employees, geographically and organisationally, DS Group is autonomous and therefore not affected by the insolvency of Social Chain AG.
In cooperation with the provisional creditors’ committee and the court-appointed provisional administrator, the global management consultancy and auditing firm Deloitte has been appointed to handle the M&A process.
The proceedings and thus the provisional continuation as well as the continuing option of a potential restructuring of Social Chain AG became possible after Ralf Dümmel and former shareholders of DS Group agreed at short notice to finance the self-administration of the company with a considerable DIP loan.
Contact:
Jana Walker | Unternehmenskommunikation I Investor Relations
04.08.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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| Language: | English |
| Company: | The Social Chain AG |
| Alte Jakobstraße 85/86 | |
| 10179 Berlin | |
| Germany | |
| Phone: | 004915111019365 |
| E-mail: | [email protected] |
| Internet: | https://www.thesocialchain.ag/ |
| ISIN: | DE000A1YC996 |
| WKN: | A1YC99 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf (Primärmarkt), Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1696385 |
| End of News | EQS News Service |