PANDION AG is consistently continuing the restructuring process initiated in August. As part of the ongoing economic and financial reorganisation of the group of companies, the individual project companies underwent a comprehensive review. In this context, applications for the opening of insolvency proceedings were filed for eleven project companies of the PANDION Group.
This step results from the direct impact of the insolvency proceedings in self-administration already initiated for PANDION AG and other subsidiaries on the liquidity of the affected project companies. The insolvency of these companies made it necessary for the respective managements to file the applications to fulfil their legal obligations.
Affected project companies and restructuring goals
The companies affected by this measure include PANDION Wolframstraße Stuttgart GmbH & Co. KG, Objekt Fischerhüttenstraße GmbH & Co. KG, PANDION Stuttgart Flint Areal GmbH & Co. KG, PANDION Prinzessinnenstraße GmbH & Co. KG, PANDION Silberburg Höfe Stuttgart GmbH & Co. KG, and PANDION Klostergärten GmbH & Co. KG. Furthermore, PANDION City Selection Stuttgart GmbH & Co. KG, PANDION Gallwitz GmbH & Co. KG, SIEBENGEBIRGE Projektgesellschaft mbH & Co. KG, PANDION Franziskanerkloster GmbH & Co. KG, and PANDION Ehrenveedel GmbH & Co. KG are affected.
The current proceedings are an integral part of a structured restructuring process. Within this framework, all projects and companies within the PANDION Group are being re-evaluated with regard to their economic viability and future development opportunities. The aim is to align the group of companies with projects and structures that have an economically sustainable perspective. The insolvency applications for individual project companies are therefore part of this comprehensive economic reorganisation.
Continuation and cooperation
For other projects, the restructuring process will examine under what conditions a continuation or economic reorganisation is feasible. PANDION is in close and constructive dialogue with banks, financing partners, project participants, municipalities, and other relevant stakeholders. In numerous cases, solutions are being developed in partnership to enable the economically viable further development of the respective projects.
The initially provisional creditors' committee supports the continuation of the self-administration proceedings and accompanies the further restructuring process. An initial meeting has already taken place, thereby institutionally integrating the creditors' interests into the proceedings. PANDION will continue to advance the ongoing reorganisation of the group of companies together with the restructuring advisors and the relevant financing and project partners and will provide information on significant developments.
