Deutsche Lichtmiete – One Square Advisors
“Dear bondholders, thank you for your interest and the trust you have placed in us. In this section you will find the information for bondholders and bondholders. One Square is ready to organize the representation of the bondholders.
Background and insolvency application
In its press release dated December 09, 2021, Deutsche Lichtmiete AG confirmed that a search of its premises took place on December 08, 2021. Background of the search are investigations against four responsible persons, which the public prosecutor’s office Oldenburg has taken up together with the central criminal investigation department Oldenburg. The mediators suspect that the business model is not able to cover the due and coming demands with the incomes. Lichtmiete is said to have collected capital from investors even though the investor model was “unsustainable and unsuitable.” Lichtmiete is estimated to have collected around €200 million from around 5,000 investors. The group used two financing models to do so: direct investment in assets and exchange-traded bonds.
- Deutsche Lichtmiete raised funds through direct investments and four bonds
- Direct investments: an investor buys a lighting facility and leases it to Deutsche Lichtmiete.DL then leases this facility again and pays a fixed interest rate back to the investor. At the end of the term, the plant is then bought back at an agreed purchase price. Management Board member Alexander Hahn has written to employees to inform them that Deutsche Lichtmiete is insolvent and has filed for insolvency on December 30, 2021. Insolvencies of other companies have followed in the meantime.
One Square has filed a protective letter with the Oldenburg Local Court and submitted that the self-administration type of procedure is not suitable in insolvency proceedings relating to the assets of Deutsche Lichtmiete AG.
The self-administration type of procedure is particularly unsuitable for cases in which the confidence of the main creditors in the existing management has been lost. The application for selfadministration was withdrawn and regular insolvency proceedings were initiated instead.
Renewed insolvency application
At the end of February, the (former) CEO of Deutsche Lichtmiete AG, Alexander Hahn, withdrew the insolvency applications of all companies at the insolvency court. The background to this measure was the concrete prospect of being able to continue the Group’s business operations with the help of investors. It was convinced that this was the best solution for the creditors, the employees and the customers. Since managing director and company founder Alexander Hahn is under investigation by the public prosecutor for fraud, Lichtmiete presented Stuttgart-based interim manager and former KFM Mittelstands AG board member Dr. Gert Sieger as the new board member of the Lichtmiete Group on March 1. On the same day, Hamburg (shipping) entrepreneur Thomas Rogalla was also appointed as the new head of the supervisory board.
Surprisingly, the new management board filed for insolvency in self-administration. In view of the renewed third-party applications from One Square as well as other large institutional investors, the court ordered provisional regular proceedings and again did not approve self-administration.
Since March 14, 2022, other companies besides Lichtmiete AG have been insolvent.
Representation of interests – One Square runs for joint representative
In the context of the insolvency openings, One Square has been appointed to the provisional creditors’ committees of several companies, in which we represent the bondholders and are in close exchange with the insolvency administration. One Square therefore calls on all bondholders to register and thus strengthen the position of the bondholders.
The Oldenburg Local Court has convened creditor meetings for the 2018/2023 (WKN: A2NB9P), 2019/2025 (WKN: A2TSCP) and 2021/2027 (WKN: A3H2UH) bonds, for which no quorum is required and which will in any case be quorate. These will take place on
- May 24 at 10:00 a.m. for the EnergieEffizienzAnleihe 2018/2023 (WKN: A2NB9P),
- on May 24 at 2:30 p.m. for the EnergieEffizienzAnleihe 2019/2025 (WKN: A2TSCP) and
- on May 25 at 10:00 a.m. for the EnergieEffizienzAnleihe 2021/2027 (WKN: A3H2UH).
We request your assistance in this regard and ask the creditors of the 2018/2023, 2019/2025 and 2021/2027 Bonds who have already issued and still wish to issue proxies to send us the relevant forms and documents promptly at email@example.com. A joint proxy has already been elected for the 2018/2022/23 bond (WKN: A2G9JL) at the end of April.
In particular, we would like to point out that although the powers of attorney granted to us for the registration of claims and representation at the creditors’ meetings are still valid, we also require blocking certificates. Please note that you will not incur any costs by signing the power of attorney. The remuneration of the joint representative is regulated by law and is borne by Deutsche Lichtmiete.
We thank you for your support and will inform you as soon as new information is available. Further information