Donau Invest backs Curasan restructuring

Harriet Matthews
29 June 2020

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Donau Invest has backed the restructuring plan for Germany-based pharmaceutical company Curasan, which will see the company de-listed and taken over by Donau Invest, subject to creditor approval of the plan.

An insolvency plan will be submitted to Curasan's creditors for their approval and a creditors' meeting will take place in Q3 2020.

Donau is the listed company's largest individual shareholder, with an 18% stake. The firm has guaranteed to provide the necessary liquidity to support the company's financial restructuring through an insolvency loan.

According to a statement, Curasan's creditors are to waive their claims in return for a contribution from Donau, which will be subject to the development of Curasan's business operations in the coming weeks.

The insolvency plan also states that the company's share capital is to be reduced to zero, followed by a cash capital increase, in which Donau will take over all of Curasan's shares, leading to the company's de-listing.

Curasan filed for insolvency via the Aschaffenburg district court in February 2020. Frank Schmitt of law firm Schultze & Braun is advising on the insolvency.

Previous funding
3i provided a capital increase of €3.6m to Curasan in 1998. In 2000, the company was floated on Germany's Neuer Markt, which was subsequently shut down in 2002. The company is now listed on the Frankfurt Stock Exchange. It had a market capitalisation of €150m when it was first listed in 2000.

Donau provided a capital increase of almost €3m for Curasan in July 2019.

Company
Founded in 1988 and based in Kleinostheim, Curasan develops and manufactures medical devices and pharmaceutical products for bone and tissue regeneration, wound healing and osteoarthritis treatment. The company currently has a market cap of €9m.

People
Curasan – Alexander Baretta (CEO, member of the management board).