Division (44)

In conclusion, based on the above-mentioned calculations, secured creditors achieve in all three scenario related to the liquidation procedure positive recoveries between EUR 94,8 and 195,8 million, while in the reorganisation plan's proceeds, no surplus is available as proceeds are not enough to pay for the full amount of current debt and procedural costs, based on both EBITDA multiples and Dividend discount methodologies. Therefore, secured creditors acting as market economy creditors would have preferred the liquidation procedure from the perspective of their secured claim on a standalone basis.