on august 21, 2013, the executive board of the company sought insolvency protection. on november 1, 2013, the amtsgericht bonn granted the request of the company to initiate protection proceedings under self-administration. ivg had, as of august 2013, around €4.2 billion of debt and assets under management of more than €20 billion. on march 20, 2014, the majority of the parties (creditors and shareholders) agreed at the insolvency court in bonn to the insolvency plan prepared by the executive board. it provided for payment of a rate of at least 60 percent to unsubordinated, unsecured creditors with the balance to be converted through debt-to-equity swaps, granting the creditors newly issued shares in the company. existing shareholders' shares were extinguished and no recovery was planned for subordinate creditors. (dgap-ad hoc march 20, 2014). immediately following the meeting (n-tv, march 17, 2014) the former ceo, wolfgang schäfer, was reappointed. the amtsgericht bonn confirmed the insolvency plan on june 13, 2014. appeals against confirmation were rejected by the district court in bonn on july 11, 2014 and judicial confirmation of the insolvency plan became effective on july 15, 2014. the insolvency of ivg immobilien ag was formally ended on august 14, 2014.