EANS-Adhoc: Insolvency proceedings on the assets of ESCADA AG have opened - negotiations with investors continue unabated
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.
Insolvency proceedings opened
02.11.2009
Munich, November 2, 2009 - In line with schedule the insolvency court, Munich Municipal Court, opened insolvency proceedings on the assets of ESCADA AG yesterday, November 1, 2009, at 12 noon. Effective as of yesterday, the power of administration and control over all assets and the power of representation of the company has therefore been transferred to the duly appointed insolvency administrator, Attorney at Law Dr. Christian Gerloff from Munich, who had so far acted as preliminary insolvency administrator. On August 13, 2009 ESCADA AG had filed for an insolvency petition because of impending illiquidity.
The insolvency administrator is engaged in advanced negotiations with a number of interested parties and is pursuing the objective of the company's going concern. These negotiations are unaffected by the opening of the insolvency proceedings. The aim is to find a new perspective for the companies of the ESCADA Group in the near future. The company's Board of Management continues to support this process as well as the operative management of the company.
Further inquiry note:
Investor Relations
Yara Kes
Tel.: +49 (0) 89 9944 1336
E-mail: yara.kes@de.escada.com
Business Media:
Frank Elsner Kommunikation für Unternehmen GmbH
Frank Elsner
Tel.: +49 - 54 04 - 91 92 0
Email: info@elsner-kommunikation.de
Branche: Clothing
ISIN: DE0005692107
WKN: 569210
Index: CDAX, Classic All Share, Prime All Share
Börsen: Berlin / Open Market
Hamburg / Open Market
Stuttgart / Open Market
Düsseldorf / Open Market
Frankfurt / regulated dealing/prime standard
München / regulated dealing