Project update

Update from the originator: 

"Dear investors, 

Unfortunately, we have to inform you that bankruptcy proceedings have been opened against the issuer of the Meisenweg 6 project, the project company “mw6 m:quadrat GmbH & Co KG”. 

To do this, we disclose the following data and information to you: 

Debtor: 

mw6 m:quadrat GmbH & Co KG 
 
Grazerstraße 18 
8071 Hausmannstätten 

Company register number: FN 515372a 

represented by the managing directors of the complementary GmbH: 
Marcus Weissina, born October 11, 1968, Kornblumenweg 8, 8077 Gössendorf 
Markus Wasshuber, born October 31, 1981, Haydnweg 12, 8071 Hausmannstätten 

Masseverwalter: 

Ulm Neger Partner Rechtsanwälte GmbH 

vd Mag. Andreas Ulm, lawyer 

Parkstrasse 1, 8010 Graz 

Tel.: 0316/23 20 32, Fax: 0316/67 25 90 

E-Mail: office@unp.at 

Opening: 

Start of the effects of the opening: March 19, 2024 

Registration deadline: May 4, 2024 

Self-administration: 

No self-administration by the debtor. 

Further procedure:  

During the insolvency proceedings, an asset status of the company is determined by the insolvency administrator. All of the company's receivables and liabilities are recorded and compared here. In addition, all other assets are included in the company register. These can be movable (equipment, IT devices, etc.) as well as immovable assets (land and real estate, etc.). Finally, an expected level of over-indebtedness is determined, which shows an expected quota for the creditors. 

As a subordinated lender, your rights in insolvency proceedings are very limited. The claims from subordinated loans can only be filed in insolvency proceedings in that scenario if the non-subordinated creditors can be expected to be satisfied in full. However, in most cases this does not happen. Rendity will of course be in contact with the responsible insolvency administrator in order to represent your interests in the best possible way. Unfortunately, it is not possible to register claims at this time. 

The insolvency proceedings are then handled in court. A period of 3-12 months is usually planned for this. At the end of the process, a quota is determined and the company is closed. If only a quota remains for the non-subordinated creditors to satisfy, the subordinated loans cannot be registered. Only in the course of the conclusion of the insolvency proceedings will the tax effectiveness of the associated business and a loss presentation of the subordinated loans become apparent. You will be informed separately about this. 

Additional Information: 

The insolvency proceedings are effectively opened at the beginning of the day following the day of the announcement in the insolvency file (www.edikte.justiz.gv.at). The meeting of the creditors' meeting, the audit meeting and the reporting meeting takes place on the following day. 

tags: 

Date: May 18, 2024
at: 10:25 a.m.
Location: Room 227, 2nd floor
Report and audit meeting,
Regional Court for ZRS Graz, Marburger Kai 49, 8010 Graz

Date: June 13th, 2024 
at: 10:15 a.m. 
Location: Regional Court for ZRS Graz, Marburger Kai 49, 8010 Graz 
Room 227/ 2nd floor 

Reorganization plan, special audit and final accounting meeting
at the Regional Court for ZRS Graz, Marburger Kai 49, 8010 Graz

Reorganization plan proposal:
The insolvency creditors receive a quota of 20%, payable within 2 years after acceptance of the restructuring plan, with loss of deadline in the event of non-payment and resurgence (§ 156a IO), both after a registered reminder with a 14-day grace period.

We very much regret this development and will be happy to keep you updated on the insolvency proceedings. 

Kind regards 
Team Rendity "

Update from the originator: 

The borrower of the "Meisenweg 6" project, informed the originator today that the repayment date of May 26, 2023 cannot be met and the originator was given the prospect of repayment of the project by the end of 2023.

The project is expected to be fully completed by the end of the year.

According to the borrower, all apartments have already been sold.

Structure 1 is nearing completion. Top 1, Top 2 and Top 3 are expected to be handed over to buyers by the end of Q2 2023. The borrower is currently waiting for the glass railings for the terraces (ground floor and 1st floor). In the case of the penthouse, the shading and various completions are added. Kitchens, bathrooms, lighting, etc. are already installed in all apartments (there is no lighting in the top 3 as the customer installs it himself).

The shell of building 2 has been completed and the shell installations have already begun.

The contractually agreed interest as well as the statutory interest on arrears of 4.0 percent will be charged for the time up to the actual repayment date.

Update from the originator:

The revitalization of the old building is already in its final phase. In the case of the new building, the work on the shell construction began in May and this will be completed shortly.

The originator will continue to keep you up to date.