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Unfortunately, I have to inform you that I had to close down the business operations of topbonus Ltd. as a precautionary measure. The reason for this is, that the investor has not yet been able to raise the necessary financing to continue business operations.
Before signing the purchase agreement, the investor had presented a letter-of-credit issued by a reputable bank for a double-digit million euro amount. After the contract had been signed, however, the bank apparently withdrew the letter-of-credit. I was not informed about this issue and the investor only admitted after repeated requests that he is unable to pay.
Although the investor still has a few days to make the outstanding payments, this is unlikely to happen. Moreover, there has been no other prospective buyer to date. Insolvency law provides in such a case for the mandatory closure of business operations in order not to harm creditors by continuing the business without any prospects of success.
The planned restructuring of topbonus based on an insolvency plan is not possible without the confirmed financing of the investor. The insolvency court has already cancelled the discussion- and voting appointment for the insolvency plan.
As the insolvency plan, which I had prepared, can no longer be implemented, thus the restructuring of topbonus via insolvency plan proceedings cannot be continued at the moment. Subsequently, the insolvency proceedings will continue as a regular liquidation process. Earning and redeeming miles remains suspended. The topbonus website will be taken offline soon.
As a miles-creditor of the topbonus program, you still have the opportunity to file your insolvency claims with the insolvency administrator. If a subsequent registration is made by 15 May 2018 at the latest, it can still be examined free of charge during the judicial examination on 16 May 2018. Claims filed later than this date, however, will incur court fees. If you have not yet lodged any claims, I advise you to do so by 15 May 2018 at the latest. You can still use the website https://topbonus.insolvenz-solution.de which was set up for this purpose.