Pfleiderer AG filed an insolvency plan with the Düsseldorf District Court on 3 August 2012. Drafted in recent months, the plan indicates that original capital measures will take effect after all with a number of changes. These measures had been developed during 2011 and were approved at a meeting of hybrid bondholders and at an extraordinary general meeting, but failed to take effect after complaints by hybrid bondholders in late March. In an ad-hoc statement released on 3 August, the company said that its intention was to reduce its share capital to zero. The firm had previously planned to reduce its share capital from €149.8m to €391,058. According to the insolvency plan, the capital reduction is to be followed by a capital increase, with present shareholders not being entitled to subscribe to the new shares. This stipulation was also contained in the original plan. However, the original restructuring plan indicated that existing shareholders would be offered some 7.8m new shares at a price of €5.11 per
share. This step would have raised their stake to almost 16% from a previous level of 0.8%.
