MIFA defers bond interest payment to Aug. 25, in restructuring talks

By Marisa Wong

Madison, Wis., Aug. 11 – Holders of MIFA Mitteldeutsche Fahrradwerke AG’s 2013/2018 bonds have agreed to a deferred interest payment and will not derive any rights from the bond within that deferred period, especially interest claims, according to a notice.

On Monday, One Square Advisory Services GmbH, the joint representative of all the bondholders, approved in principle to defer the first interest payment due on Aug. 12 until Aug. 25.

One Square was appointed as the bondholder representative on July 23.

The deferral of the interest claim gives additional room for maneuver to continue further negotiations between all stakeholders as part of MIFA’s restructuring, the notice said.

MIFA’s executive board is currently conducting intensive talks with One Square, all other financing partners and the Indian bicycle manufacturer Hero Cycles Ltd. to conclude a restructuring agreement within the next two weeks.

MIFA is a bicycle manufacturer based in Sangerhausen, Germany.

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