Completes financial restructuring leading to significant improvement in capital structure and liquidityThank you for reading this post, don't forget to subscribe!
MGG receives Munich Commercial Court approval to become sole shareholder of the company
Berlin, 13 January 2024–(Business Wire)–Spark Networks SE (“Spark” or “the Company”), the leading social dating platform for meaningful relationships, today announced that it has successfully completed its financial restructuring process, bringing its capital structure There has been considerable improvement in and liquidity
On January 12, 2024, the Company received approval from the Munich Commercial Court (the “German Court”) on its share capital reduction and share capital increase (together, the “Share Capital Registration”). As a result of the share capital registration, MGG Investment Group LP (“MGG”) is now the sole equity owner of Spark.
“Today’s approval completes Spark’s financial restructuring process as we move into our next chapter with momentum built on a strong financial foundation,” said Colleen Brown, Spark’s Chairman of the Board of Directors and Interim Chief Executive Officer. “With the support of MGG, we are well-positioned to advance our transformation plan and ignite meaningful relationships across our portfolio of brands. We look forward to furthering our partnership with MGG as we reimagine are how people can safely and creatively meet their matches.” Christy Gudgeon, Spark’s chief financial officer, said, “Through our financial restructuring, we have significantly improved our capital structure and our transformation efforts. Moving into the future with the resources and financial support to implement.”
Kevin Griffin, Chief Executive Officer and Chief Investment Officer of MGG, said, “MGG is excited to continue our partnership with Spark, which is poised to grow and expand its market-leading portfolio with a strong balance sheet. , We look forward to.” Working with Spark’s leadership team to support the business and execute its ongoing transformation.”
The German court approval for share capital registration follows the approval of Spark’s restructuring plan by the Local Court of Charlottenburg, Berlin, Germany on January 4, 2024 in accordance with the Act on the Stabilization and Restructuring Framework for Companies (Gesetz über den Stabilisierungs- und Restructurierungsrahmen ). Fur Unternehmen, Starug) (“Starug”). The Company intends to seek recognition of the German Court’s approval of the Reorganization Plan in the Company’s Chapter 15 proceedings.
Jones Day & Brinkman & Partners Rechtsanwalte is serving as legal advisor, Ankura Consulting is serving as turnaround advisor, Mr. Adrian Frankum is serving as Sparks foreign representative in the Chapter 15 proceedings, Ernst & Young GmbH are acting as financial advisors, and C Street Advisory Group and Corecoms Consulting GmbH & Co. KG are acting as communications advisors.
About Spark Networks SE
Spark Networks SE is a leading social dating platform for meaningful relationships focusing on over 40 demographics and faith-based affiliations. Spark’s portfolio of premium and freemium dating apps includes Zoosk, EliteSingles, SilverSingles, Christian Mingle, Jdate, and JSwipe, among others. Spark is headquartered in Berlin, Germany, with offices in New York and Utah.
About MGG Investment Group LP
Founded in 2014, MGG is a private investment firm that provides tailored investment solutions to mid-sized and growing middle market companies. MGG works with owners and management teams to help create lasting value, meet immediate needs and resolve complex situations, while seeking to generate attractive risk-adjusted returns for investors regardless of market cycles. Is. For more information, visit www.mgginv.com.
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