Issuer: Schutzgemeinschaft der Kapitalanleger e.V. / Key word(s): Bond/Capital Reorganisation
SdK calls on bondholders of paragon GmbH & Co. KGaA to pool their interests
14.11.2025 / 12:55 CET/CEST
The issuer is solely responsible for the content of this announcement.

SdK calls on bondholders of paragon GmbH & Co. KGaA to pool their interests

On November 10, 2025, paragon GmbH & Co. KGaA (“Paragon”) announced that it is asking bondholders of the 2017/2027 bond (ISIN: DE000A2GSB86 / WKN: A2GSB8) due to in July 2027 to agree to an extension of the bond by a further four years in a vote without a meeting. Furthermore, a deferral of the interest payment due in January 2026 and the elimination of the non-cash interest component (“PIK interest”) are also to be decided, among other things. The vote without a meeting will take place between November 27, 2025, and November 29, 2025.

The SdK Schutzgemeinschaft der Kapitalanleger e.V. (“SdK”), Germany's leading investor association, is aware of the current difficult situation in the automotive sector. However, in the opinion of the SdK, Paragon has developed relatively positively in recent years. Even in the opinion of SdK, refinancing the bond in 2027 is likely to be rather difficult due to the current difficult market conditions. Thus, extending the maturity appears to be a sensible way to satisfy the interests of both the company and the bondholders. The complete cancellation of PIK interest, which was included in the bond terms and conditions in 2022 as compensation for the maturity extension that had already taken place at that time, seems not to be in line with current market conditions. In our view, the company must continue to offer adequate equity-like compensation to bondholders in order for a further extension of the term and a deferral of interest payments to be approved.

Bondholders should therefore organize themselves in order to be able to assert their interests jointly. For further information on the proceedings, bondholders can register for a free newsletter at . SdK will also offer all bondholders free proxy voting at the upcoming vote without a meeting and at future bondholder meetings.

SdK will hold a virtual information event for affected bondholders on Tuesday, November 18, 2025, at 5 p.m. We have also invited the CEO of Paragon, Mr. Klaus Dieter Frers, who already has confirmed his participation. Interested bondholders can register to participate at . The event will be held in German.

The SdK is also available to answer questions from affected members by email at... or by phone at 089 / 2020846-0.

Munich, November 14, 2025
SdK Schutzgemeinschaft der Kapitalanleger e.V.

Note: SdK holds bonds and one share in the company!

Contact deatils:
Schutzgemeinschaft der Kapitalanleger e.V.
Implerstr. 24
81371 München
Tel: +49 (0)89 / 2020846-0
Fax: +49 (0)89 / 2020846-10
E-Mail:...
Press contact:
Dr. Marc Liebscher
Tel: +49 (0)89 / 2020846-0
E-Mail: presse...

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