Perfect Home Restoration
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DGAP-News: MIFA Mitteldeutsche Fahrradwerke AG / Key word(s): Agreement MIFA: Reorganisation has reached the home straight
22.08.2014 / 21:16
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MIFA: Reorganisation has reached the home straight
Sangerhausen, 22 August 2014 - As communicated in its ad hoc announcement published today, MIFA Mitteldeutsche Fahrradwerke AG (WKN share: A0B95Y / ISIN share: DE000A0B95Y8, "MIFA") has today taken an important step towards its financial reorganisation. MIFA, One Square Advisory Services GmbH, the Joint Representative of the holders of the 2013/18 bond (WKN bond: A1X25B / ISIN bond: DE000A1X25B5, "MIFA bond"), and OPM Global B.V., a subsidiary of Indian bicycle manufacturer Hero Cycles Ltd. ("HERO"), have today signed a basic agreement relating to the financial reorganisation.
Pursuant to this basic agreement, and as communicated in today's ad hoc announcement, further steps are to be taken for the financial restructuring of the MIFA bond and measures relating to MIFA's equity. Following a reduction of the share capital in a 1:100 ratio ("capital write-down"), a so-called debt for equity swap is to be implemented, entailing adding EUR 15 million of the total nominal amount of the MIFA bond to MIFA's equity.
Dr. Stefan Weniger, Chief Recovery Officer (CRO) at MIFA, regards the basic agreement as a decisive step towards the company's further restoration to financial health: "Following intensive and constructive negotiations, the agreement that has been reached today sends more than a positive signal for all involved. In particular, the reorganisation structure that has now been agreed shows how determined the negotiating partners have been to find a solution which is compatible for all sides, and which forms the basis for MIFA's long-term future. We have now found such a solution. Thus, the reorganisation of MIFA has reached the home straight."
Following the debt for equity swap, MIFA is to receive additional equity of at least EUR 15 million in the form of cash capital increases that are to be mainly subscribed for and underwritten by OPM Global B.V., a subsidiary of HERO. "The considerable strengthening of MIFA's equity base also sends an important signal to our employees and business partners. With HERO, we have gained a strategic investor that believes in MIFA's future, and is also prepared to make a major financial investment in ensuring that our company returns to full health. We are optimistic that, with HERO's investment, not only have we placed an important building block for our financial reorganisation, but we have also found a valuable partner for the future structuring of our operating business," is how Hans-Peter Barth, CEO of MIFA, expressed his pleasure at the agreement that has been reached.
About the company:
MIFA Mitteldeutsche Fahrradwerke AG, headquartered in Sangerhausen (Saxony-Anhalt), is Germany's largest manufacturer of bicycles in terms of sales. The company offers a comprehensive range of bicycle models spanning entry price through to premium end. The components included in bicycle production are sourced from renowned suppliers and assembled at the company's sole production site in Sangerhausen, Germany. Business in this context focuses on product-related order production for major retail chains and OEM (Original Equipment Manufacturer) customers. E-bikes have also been manufactured since 2011. MIFA produces e-bikes for automotive manufacturer smart, manufactures for the Deutsche Post bicycle fleet, and supplies communal lending systems with multi-user vehicles, among other customers. In 2012, MIFA acquired Berlin-based e-bike manufacturer Grace and Bavaria-based cult bicycle forging company Steppenwolf, thereby intensifying its sales activities via specialist dealers. MIFA sells its bicycles predominately on its domestic German market. Further sales markets are located mainly in Western Europe. Both the operating business and administration and logistics are managed at the company's sole production location in Sangerhausen.
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PRESS RELEASE: MIFA: Reorganisation has reached the home straight
Johnny Cash (1932 2003) walks inside the gates of Folsom Prison, preparing to perform his fourth concert for inmates there, California, 1964. (Photo by Hulton Archive/Getty Images)
Fans of Johnny Cash can now visit the home he grew up in. The Johnny Cash Boyhood Home opened in Dyess, Arkansas, on Saturday, reports Rolling Stone Country. The ribbon-cutting ceremony was attended by members of the Cash family, who lived in the home from 1935 until 1953. The five-bedroom home has been refurnished with retrieved family items and donations.
If Dad walked into the house today, he would have been overcome, Rosanne Cash, Johnny Cashs oldest daughter, said. Many people approach me about starting Johnny Cash projects and I usually say no. But, in talking to Dr. Ruth Hawkins and Arkansas State University, I realized several things, and one is that my children need to know their family legacy. Its so beautiful.
Others in attendance included Cashs sister, Joanne Cash Yates, and his brother, Tommy Cash. Yates cut the ribbon to declare the home officially opened, and the family sang Will the Circle Be Unbroken along with guests in attendance. Restoration work on the home began in 2009.
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Wednesday, August 20, 10:35 AM EDT
Compiled by Max Marbut
In 2011, 77-year-old James Aldridge hired a contractor to repair a damaged roof and perform other home improvements.
The contractor was given close to $30,000 to complete a number of projects throughout the house. Shortly after being hired, the contractor did not return to the job.
The house was left with a leaking roof, torn-out kitchen, unusable bathroom and a hazardous carport connected to the house. The property was not safe enough for Aldridge to continue living there. He notified police and the contractor has been arrested.
However, the money was not recoverable and Aldridge could not afford to pay another contractor to complete the repairs. He has been living with a family friend while looking for a solution to his dilemma.
Aldridge found help from Paul Davis. The restoration firm decided to donate the home improvements through the companys Restoring America program, which provides restoration and repairs to many residents in Northeast Florida.
The work will include demolition of the carport, replacement of rotten wood and stabilization of the structure, removing and replacing the roof, installation of kitchen cabinets, countertops and backsplash, rewiring circuits for appliances and installing a bathroom sink and toilet.
Paul Davis employees are volunteering and working alongside trade partners, including Stonebridge Construction, a local firm that donated materials to complete the roof.
Each year, we partner with building professionals and support team members to restore a well-deserving candidates home within our community, said Nate Moore, project manager with Paul Davis Restoration. When we heard about what happened to Mr. Aldridge, we immediately knew he would be a perfect candidate and we are happy to help him.
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Nonprofit news: Paul Davis Restoration helps homeowner who was taken advantage of by contractor
I always think if more people are going to home depot, fewer people are going to be out buying homes.
Maybe they are picking up their own for a sale.
What does it mean for you?
He could mean either one.
We track an index we created, the remodeling index.
What it shows is an increase in the modeling and at -- restoration of the homes.
Part of that is people buying homes and fixing them up and part of that is people saying, i will stay in the home i have got for a while and keep on maintaining it and making it at her.
-- better.
Home depot, i always like to look at it and know people out there -- i spent a lot of time myself on home depot.
They always do well in the second quarter.
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Housing Starts Rise to Highest Level in 8 Months
Johnny Cashs childhood home in Dyess, Arkansas has now been opened to the pubic as a tourist attraction.
Called The Johnny Cash Boyhood Home, Arkansas State Universitys newest Heritage site will be open for public tours after a large restoration project that took place which repaired Cashs home along with several other houses in the neighborhood.
The home attempts to capture the feeling of the 1930s in which Cash lived, and even includes cultural artifacts like Cashs mothers piano, his fathers shaving mug, and the houses original flooring, including the burn marks on the linoleum from the wood-burning stove. While the home had a toilet and a sink, the home had no running water and no electricity until 1945.
As Ruth Hawkins, director of the Heritage Site program, told CNN, most of the other furniture in the house are not original pieces, but objects of the time donated by others.
According to the News Observer, Hawkins also noted that, "restoring the Dyess Colony Administration Building, and even saving at least one of the typical colony houses, would have been a worthwhile project, even without the Johnny Cash connection."
The project is being used to illustrate the life in Dyess during the Great Depression. Hawkins does admit, however, that without the Johnny Cash connection, "the project would not have gotten anywhere near the public support that it has, and it would not be a major tourism draw,"
Hawkins notes that the design and details of the home were based on the pictures and accounts of Cashs siblings, Tommy Cash and Joanne Cash Yates.
CNN and the News Observer both note that Dyess was a federal agricultural resettlement community that was established in 1934 as part of Presidents Franklin Roosevelts New Deal Program. More specifically, the Cash family were part of the farmers who successfully applied to the Works Progress Administration program, becoming one of the 487 families to be given land, a mule, and a job during this economic downturn. The Cash family moved to Dyess when Cash was three years old in 1935.
Cash himself noted the influence Dyess had on him and his music, including the song Five Feet and Rising. As he told to the Dyess High School reunion in 1990, Cash noted that the little church in Dyess, Arkansas, has been such an inspiration to me, and (so have) the people from Dyess.
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Johnny Cash's childhood home now open as tourist attraction
Now an Arkansas Heritage Site, Johnny Cash's boyhood home in Dyess has been restored and opens for tours on Saturday, August 15, 2014.
DYESS, Arkansas Want to Walk the Line where Johnny Cash once played as a child?
Before he changed the music industry with songs like Ring of Fire and Folsom Prison Blues, Johnny Cash spent his hardscrabble childhood in the small community of Dyess, Arkansas.
The Johnny Cash Boyhood Home, the newest of Arkansas State Universitys Heritage Sites, opens Saturday for public tours after a restoration project that includes other historic buildings.
When visitors walk into the home, they are stepping back into the 1930s. Cash family artifacts original to the home include the piano that belonged to Johnnys mother, his fathers shaving mug and even the original flooring in his childhood bedroom and the living room. The living room linoleum still has burn marks caused by the wood-burning stove.
Johnny Cash in 1969.
Other furnishings and objects are of the time period and mostly contributed by donors, said Ruth Hawkins, director of Arkansas Heritage Sites at Arkansas State University. They are based on the photos and memories of Tommy Cash and Joanne Cash Yates, two of Johnny Cashs siblings.
Period details include a pedestal sewing machine, a battery-operated radio like one Johnny Cash would play at night and the living-room sofa. The period icebox and corner cabinet were painted the apple-green color the siblings remember.
The Dyess Colony was a federal agricultural resettlement community created in 1934, part of President Franklin D. Roosevelts New Deal program in response to the Great Depression. The colony provided homes and jobs for about 500 poor farm families, including the Cash family.
Johnny, called JR at the time, was 3 years old when his family moved into a Dyess home in 1935. Johnny spent his childhood in Dyess, attending school and church in the town. He also suffered an enormous loss when his brother Jack was killed in a sawmill accident in 1944. Cash left JR behind and became Johnny when he left Arkansas for the Air Force in 1950.
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Johnny Cashs boyhood Southern home opens for public tours
Not until architect Witold Rybczynski built his own home did he discover at first hand the fundamental poverty of modern architectural ideas, he writes in Home, A Short History of an Idea. I found myself turning again and again to memories of older houses, and older rooms, and trying to understand what had made them feel so right, so comfortable.
During the first 110 years after Topeka became a city, its residents built in a surprising array of architectural stylesusing native materials including brick, limestone and wooden planks. Surviving examples, lovingly maintained or restored, anchor the citys neighborhoods in North Topeka, Oakland and north of 10th Street, along a northeast to southwest corridor that runs between Kansas Avenue and Gage Boulevard. [See accompanying map and photos on cjonline.com.]
Historic Topeka, Inc., honored that diversity in a brochure produced nearly 20 years ago, identifying the unique architectural styles found in Topeka, locating each by neighborhood and identifying photograph. Our acknowledgements go to that group, which was active in local preservation efforts for more than 20 years. When the group dissolved its membership, continuing responsibility for local building restoration efforts and preservation activism was bequeathed to a new generationappreciative of the craftsmanship and architecture distinctive to a Topeka their grandparents might have known.
Many examples of this architectural diversity, some peculiar to the Midwest and Frontier Kansas, still can be seen on a tourby foot, bike or carthrough the neighborhoods they distinguish. For a helpful guide, when viewing these stately mansions, elaborately-trimmed Victorians and geometrically solid Prairie Style houses, refer to the re-creation of that Historic Topeka pictorial that follows.
Architectural styles are located by Topeka neighborhood and national region, a description follows of distinctive features and design influences, with photo illustrations. Road or street locations of local examples are provided. Navigate the vocabulary list and look over the accompanying map. Then get your bike out, grab a camera and some bottled water, and travel back a few centuries in time.
North Topeka
Style: Two or three stories, seldom one, built from brick, stone and wood; overhanging eaves with decorative and often paired supporting brackets beneath a low-pitched, hipped roof commonly topped by a square cupola or tower; tall, narrow windows, arched and set under inverted U-shaped hooded or pedimented crowns; elaborate, bracketed cornices and single-story porches.
Regions: This was a popular style in the Midwest, the Northeast seaboard area and in San Francisco; it is least common in The South, where there was little construction till after the Civil War and Reconstruction. The style began in England as part of the Picturesque Movement--a reaction to the formal, classical ideals dominating art and architecture for 200 years. Similar styles: Renaissance Revival, Informal Italian Villa. Local: Lower Silver Lake Road.
Style: Eastlake and the earlier, Stick Style, 1860-1880, refer to woodwork trim. This included lathe-turned spindle posts, balusters and railings and scroll-sawn cornices on porches; decorative brackets supported extended eaves; gable ends, window and door cornices were worked floral or geometric designs of raised wood. Named for English furniture designer, Charles Eastlake, the ornate trims and wood turnings also appear on the exteriors of Stick style houses.
Regions: Eastlake style is common in Northeast suburban and resort areasit was considered appropriate for wood-built summer cottages but not for urban homes. Brick versions create picturesque detail by pattern or color of brickwork. A West Coast Stick style, 1880-1895, developed unique features including a squared bay window and pilaster-trimmed windows and doors. [Local Landmark: The Segar Place, built in 1888 at 1132 NW Harrison in North Topeka, is Eastlake Victorian.] Local: NW Harrison Street.
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At Home Living: Architectural types shaped early Topeka
Want to "Walk the Line" where Johnny Cash once played as a child?
Before he changed the music industry with songs like "Ring of Fire" and "Folsom Prison Blues," Johnny Cash spent his hardscrabble childhood in the small community of Dyess, Arkansas.
The Johnny Cash Boyhood Home, the newest of Arkansas State University's Heritage Sites, opens Saturday for public tours after a restoration project that includes other historic buildings.
When visitors walk into the home, they are stepping back into the 1930s. Cash family artifacts original to the home include the piano that belonged to Johnny's mother, his father's shaving mug and even the original flooring in his childhood bedroom and the living room. The living room linoleum still has burn marks caused by the wood-burning stove.
Other furnishings and objects are of the time period and mostly contributed by donors, said Ruth Hawkins, director of Arkansas Heritage Sites at Arkansas State University. They are based on the photos and memories of Tommy Cash and Joanne Cash Yates, two of Johnny Cash's siblings.
Period details include a pedestal sewing machine, a battery-operated radio like one Johnny Cash would play at night and the living-room sofa. The period icebox and corner cabinet were painted the apple-green color the siblings remember.
The Dyess Colony was a federal agricultural resettlement community created in 1934, part of President Franklin D. Roosevelt's New Deal program in response to the Great Depression. The colony provided homes and jobs for about 500 poor farm families, including the Cash family.
Johnny, called JR at the time, was 3 years old when his family moved into a Dyess home in 1935. Johnny spent his childhood in Dyess, attending school and church in the town. He also suffered an enormous loss when his brother Jack was killed in a sawmill accident in 1944. Cash left "JR" behind and became Johnny when he left Arkansas for the Air Force in 1950.
Arkansas was an important influence on Cash, who told audiences how "Five Feet High and Rising" and many of his other songs were influenced by his time living in Dyess.
"The little church in Dyess, Arkansas, has been such an inspiration to me, and (so have) the people from Dyess," Cash said at the 40th reunion of Dyess High School in 1990, in a video exhibited at the Dyess Colony Museum.
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'Walk the Line' at Johnny Cash's boyhood home
In a clearing off of a wooded lane in Stevenson is a white stucco, Tuscan-style villa with ornate cast-iron window boxes spilling summer vines, looking like the subject of an impressionist painting.
Inside, beyond the driveway and the arched, two-story center bay, the Iliev family Martin and Jessica, their 3-year old son, Max, and a pair of toy poodles, Sophie and Tiger welcome visitors to their newly built home.
In a large, open kitchen dominated by a center island that's topped with a 9-by-6-foot slab of white quartz, the Ilievs, who own Carbiz, recalled purchasing the 4-acre parcel of land. They donated the property's original house to Second Chance, a nonprofit that deconstructs homes and sells the salvaged materials at a discount.
"They came and deconstructed the whole thing," 28-year-old Jessica Iliev said. "Jon [Skarda of Shoreline Construction] built us this very green, geothermal house."
From the beginning, the Ilievs knew they wanted a contemporary, provincial look with the contrast of light and dark found in the alabaster walls and white cabinets against the dark pine trim of the windows and dark oak flooring throughout the first level.
The architecture shines in the details, such as 10-foot ceilings (both coffered and tray) with recessed lighting, bump outs, wide-width baseboards and interior door molding, and decorative uses of paneling.
In the home's first-floor open layout, rooms flow effortlessly into one another through the 50-by-30-foot space, with areas defined by furniture and rug placement. The decor is understated but dramatic.
"For the interior, we don't ascribe ourselves to any certain decor, and prefer a more eclectic mix of styles from new and old," Jessica said. "The common spaces reflect this the most. We've anchored the large spaces with traditional pieces and added color and flavor through accessories."
To balance the weightiness of the kitchen island, the couple chose glazed maple cabinetry with brushed nickel pulls and, for contrast, dark Portuguese soapstone countertops and backsplash.
A formal suite from Restoration Hardware in Baltimore fills the bump-out dining area. Belgian linen-upholstered oak chairs surround the 2-by-10-foot oak dining table. Shoreline constructed a built-in bar/buffet area on one side of the room, opposite a floor-to-ceiling china cabinet with intricate glass panes and the same glazed maple as the kitchen cabinets.
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Custom-built Stevenson home charms down to the details