EANS-Adhoc: TV-Loonland AG
Ad-hoc-Release in accordance with § 15 WpHG:
TV-Loonland AG files for insolvency
ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
09.12.2009
9. December 2009 Munich insolvency court decided that TV-Loonland AG has to go under preliminary administration and mandated Attorney at law Dr. Ott as preliminary administrator.
Due to the fact that the company´s shareholders repeatedly refused approval of a share consolidation on 19th November 2008 and 26th November 2009, TV-Loonland was not able to raise cash through an equity injection. Therefore the company cannot clear all debts on the respective due dates.
Effective today, TV-Loonland appoints Dr. Michael Briem as its new CEO. At the same time, Dr. Briem quits the company´s supervisory board. The CEO strongly believes that the value of the company´s assets exceed all open debts and is working closely with the preliminary administrator in order to further maximise the value of these assets.
end of announcement euro adhoc
Further inquiry note:
TV-Loonland AG
Tel.: +49(0) 89205080
E-Mail: info@loonland.com
Branche: Media
ISIN: DE0005348403
WKN: 534840
Index: Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade