MIFA Mitteldeutsche Fahrradwerke : Majority of bondholders approve agenda items at attendance meeting

- MIFA's proposal for Joint Representative for all bondholders, One Square Advisory Services GmbH, appointed
- One Square Advisory Services GmbH authorised to agree on the deferral of interest claims and to agree on the temporary waiver of call rights
- Further steps relating to bond restructuring and further reorganisation of MIFA can now go ahead

Sangerhausen, 23 July 2014 - Today's attendance meeting (so-called second bondholders' meeting) of holders of MIFA's 2013/2018 bond (ISIN: DE000A1E8W96 / WKN: A1E8W9) has accepted both of the agenda items with the requisite majorities. Accordingly, the proposal of MIFA Mitteldeutsche Fahrradwerke AG ("MIFA") for a Joint Representative, One Square Advisory Services GmbH, was appointed as representative for all bondholders. In addition, One Square Advisory Services GmbH in its function as Joint Representative of all bondholders was authorised to agree on the deferral of interest claims arising from the bond for the first time on  August 12, 2014 , and to agree on a temporary waiver of call rights.

A total of 28.1 percent of the bonds outstanding were represented at this attendance meeting. No quorum was required to appoint the Joint Representative. The simple majority that was needed to approve MIFA's proposal was reached. The authorisation of the Joint Representative to agree on the deferral of interest claims and to agree on a temporarily suspension of call rights required a 25 percent quorum that was achieved along with the 75 percent majority required for the bonds present.

MIFA Management Board member Dr. Stefan Weniger, who is heading up the restructuring of MIFA as Chief Recovery Officer (CRO), commented on the bondholders' approval: "The approval of both agenda items sends an important signal for MIFA's future. We will now waste no time in discussing the next restructuring steps together with One Square Advisory Services. Our other important financing partners will also be included in these discussions  sothat the bondholders' Joint Representative is informed at all times about further steps."

MIFA has already launched some strategic and operational measures to restructure the company as part of the overall reorganisation concept, including the implementation of new controlling instruments and an intensification of sales initiatives.