Pfleiderer signs final agreement with creditors

May 13, 2011. /Lesprom Network/. Pfleiderer AG has agreed with its creditors on the financial details of the Group’s restructuring. The relevant contracts have been signed by all the creditors. The contents of the contracts are in accordance with the key points announced on April 26, 2011. The financial restructuring of the Pfleiderer Group is therefore progressing as planned, as the company said in a press release received by Lesprom Network. The agreement includes creditors waiving debts, interest and fees totalling Euro 380 million, as well as the provision of Euro 100 million in a secured loan. Shareholders will be asked to vote to approve the agreement in July. Hans H. Overdiek, Chairman of the Executive Board of Pfleiderer AG: “This is a good day for Pfleiderer. The agreement with our creditors means that the foundations have now been laid to return the Pfleiderer Group to a sound financial and equity base once again. The implementation of the concept will lead to an enormous reduction in debt, which will give us new scope for action. We now have the opportunity to move forward with the restructuring of the Group’s operations and to conclude it successfully.” Hans-Joachim Ziems, Executive Board Member for Restructuring: “The substantial waiver of receivables by our financial creditors is subject to the hybrid bondholders and the shareholders approving the proposed measures without any qualifications. We will make all efforts in the coming weeks and months to obtain that approval, because there is no alternative to this rescue concept for Pfleiderer with its workforce of more than 5000 people. Implementation of these measures is in the interests of all stakeholders.” The Pfleiderer Group is one of the worldwide leading manufacturers of engineered wood, surface finished products and laminate flooring.