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Contracts for the refinancing of adapa Holding signed

Stakeholders convinced of sustainable future of the group of companies / Closing of the entire transaction
by late autumn 2022

Contracts for the refinancing of adapa Holding signed

• As expected, new and stronger financing structure developed by consensus
• Stakeholders convinced of sustainable future of the group of companies
• Closing of the entire transaction by late autumn 2022

Vienna (OTS) -
Following the announced changes in the ownership structure of adapa Holding, the company continues to see itself in a stable position and has recently taken important steps for the future: "In the light of the solid operational performance of adapa Group, we have, as expected, developed a new and stronger financing structure for adapa Holding in recent weeks in consensus with our financing creditors and commercial banks," commented Josef Schultheis, Chief Restructuring Officer (CRO) of Vienna-based adapa Holding GesmbH, on the binding signing of the corresponding agreements.

"The liquidity for the supply chains has been refinanced, and with the transaction fully implemented, the group of companies is through-financed in the medium and long term," explains the Chief Executive Officer (CEO) of one of Europe's leading suppliers of highly specialized flexible packaging solutions, Juan Luís Martínez Arteaga.

From the management's point of view, the commitment of these stakeholders impressively demonstrates how convinced they are of the Group's sustainable future. adapa runs an operationally strong business with an economically resilient business model. Even against the backdrop of the security and economic policy uncertainties currently affecting the markets, the Group is well positioned overall with a broad product and market portfolio within our key markets.

Stakeholder confidence also takes into account the fact that adapa has established a new type of internal control mechanism with the appointment of a new Chief Compliance Officer and is currently comprehensively revising its compliance policies.

The closing for the entire process of this transaction is expected to be completed by late fall of this year. The group of companies, with around 2,200 employees and 23 production sites in eleven countries, will have access to a total of 150 million euros in new liquidity in two tranches - 60 million euros immediately, and a further 90 million euros upon closing. In addition, the lenders will waive up to 75 percent of their receivables. This agreement significantly relieves the balance sheet structure and solidly strengthens the equity ratio.

The current shareholders of adapa have actively participated in the refinancing solution described above, thus enabling the necessary recapitalization and restructuring of finances and loans. Pending the closing, they will transfer their shares in adapa to a new ownership group of adapa creditors.

In internal information, the management thanked "all stakeholders - in particular our long-standing business partners and all our employees - for their constructive and supportive actions over the past weeks."