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The financial situation of Photon Energy N.V. appears to be deteriorating following several recent company announcements. This development is of particular relevance to holders of the 6.50% Photon Energy N.V. Bond 2021/2027, ISIN DE000A3KWKY4 / WKN A3KWKY. Schirp Schmidt-Morsbach Rechtsanwälte PartG mbB therefore calls on bondholders to coordinate their interests at an early stage and prepare for potential bondholder action. According to a mandatory announcement published in Warsaw and Prague on 23 February 2026, the Management Board of Photon Energy N.V. resolved to postpone the quarterly coupon payment due on that date in the amount of EUR 1,282,450. The company stated that this decision was taken to preserve liquidity in light of recent developments in its dispute with the Polish transmission system operator PSE. According to Photon Energy, PSE had informed the company that it intended to unilaterally set off revenues due on 2 March 2026 against a disputed amount allegedly resulting from an exceedance of emission limits by capacity market units in 2024. The Management Board stated that it was actively working on a legal solution to the issue and on securing sufficient liquidity in order to fulfil the company’s interest payment obligations towards bondholders as soon as possible. From the perspective of Schirp Schmidt-Morsbach Rechtsanwälte PartG mbB, it is noteworthy that although the Photon Energy Bond 2021/2027 was publicly placed in Germany, the announcement was initially not published in Germany. Further uncertainty arose following a company announcement published in Poland on 24 April 2026. In that announcement, Photon Energy N.V. stated that the publication of its audited annual financial statements for the 2025 financial year would be postponed from 30 April 2026 to 31 July 2026. The company attributed the delay to several complex developments occurring simultaneously, which it said had materially affected the preparation of the annual financial statements and the audit process. Photon Energy further stated that it was working closely with its auditors to complete the audit and finalise the financial statements. According to the company, it will therefore not be able to publish its audited annual financial statements within four months after the end of the financial year, as required by Article 2:101 of the Dutch Civil Code and Article 5:25c of the Dutch Financial Supervision Act. Photon Energy N.V. also stated that it had informed the Dutch financial supervisory authority, AFM, of the postponement and was taking appropriate measures to mitigate the consequences of the delay. This announcement, too, appears to have been published in Germany only later, on 27 April 2026. According to Photon Energy, the company and its subsidiaries are undergoing a comprehensive internal restructuring process. The scope of this restructuring is said to depend on external factors that require further review. Photon Energy has already published preliminary, unaudited consolidated financial statements for the fourth quarter of 2025 and the full financial year 2025. The company stated that it intends to disclose any material changes resulting from the ongoing restructuring and the completion of the audit without undue delay. In the view of Schirp Schmidt-Morsbach Rechtsanwälte PartG mbB, the current developments should be taken seriously by bondholders. Photon Energy N.V. had already reported weak figures for the first half of 2023 in August 2023 and significantly lowered its outlook for the full year 2023. In the firm’s assessment, operational restructuring measures have so far not been implemented to a sufficient extent. In addition, the interests of management and individual major shareholders may not necessarily be aligned with the interests of bondholders. Schirp Schmidt-Morsbach Rechtsanwälte PartG mbB has been in discussions since June of last year with several larger holders of the 6.50% Photon Energy N.V. Bond 2021/2027 regarding possible measures to protect bondholders’ interests. Against the backdrop of recent developments, the firm considers timely and coordinated action to be urgently required. According to market reports, the investment firm Robus may also be preparing to become active in relation to Photon Energy. These reports suggest that Robus may seek to support the appointment of a joint representative of the bondholders. In the view of Schirp Schmidt-Morsbach Rechtsanwälte PartG mbB, any such activities require careful scrutiny in the interests of all bondholders. “Bondholders should not wait. They should now coordinate their interests. What matters is that any potential joint representative acts independently and solely in the interests of the bondholders as a whole,” says Rechtsanwalt Dr. Wolfgang Schirp. The next interest payment under the Photon Energy N.V. Bond 2021/2027 is scheduled for 23 May 2026. Schirp Schmidt-Morsbach Rechtsanwälte PartG mbB therefore calls on affected investors to contact the firm promptly and to support the firm in a potential appointment as joint representative of the bondholders. About Schirp Schmidt-Morsbach Rechtsanwälte PartG mbBSchirp Schmidt-Morsbach Rechtsanwälte PartG mbB specialises in banking and capital markets law. The firm has repeatedly acted as joint representative in bond restructuring matters, including in the Infinus and René Lezard cases. It also has substantial experience in challenging restructuring scenarios where, in the firm’s view, investor interests were not adequately protected. The firm is also active in capital markets mass litigation. It currently represents more than one thousand own clients in matters relating to Wirecard/EY. In addition, the firm represents the court-appointed model plaintiff in the pending KapMuG proceedings before the Bavarian Supreme Regional Court and thus carries responsibility in proceedings involving more than 50,000 active parties. ContactRechtsanwalt Dr. Wolfgang Schirp Photon Energy N.V. Bond 2021/2027 Photon Energy N.V. Share Emittent/Herausgeber: SCHIRP & PARTNER Rechtsanwälte mbB Schlagwort(e): Finanzen
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