EANS-Adhoc: Subsidiaries of Vivacon AG file 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.
07.01.2010
Cologne, January 7th 2010. The two subsidiaries of the group of Vivacon AG (ISIN 000604 8911), Vivacon Denkmal Objekt I. GmbH & Co.KG und VD Berlin-Mitte Luisenstadt GmbH & Co.KG, will file for insolvency at the local court in Cologne. The two subsidiaries are single purpose companies focused only on the development of a single development project "Luise" in Berlin which originally has been part of the purchase agreement regarding the development business. After the investor has exercised his contractual right of withdrawal from the purchase of this project the solvency of the two project companies could not have been sustained. The existing liquidity gap could not be bridged in short time.
The insolvency was filed in the context of the current restructuring of Vivacon group.
end of announcement euro adhoc
Further inquiry note:
Investor Relations
Telefon: +49 (0)221 1305621-0
E-Mail: ir@vivacon.de
Branche: Real Estate
ISIN: DE0006048911
WKN: 604891
Index: CDAX
Börsen: Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade
Frankfurt / regulated dealing/general standard