euro adhoc: Fortune Management Inc.
Financially Distressed Companies /
GATE-Participation Biodiesel Enns GmbH & Co. KG will file for insolvency/Other
GATE-Companies are not affected
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Company Information
14.04.2008
Zug/Switzerland, April 14 2008 - FORTUNE Management Inc. (General
Standard, ISIN USU026281027; SIN: A0BLYY) informs, that Biodiesel
Enns GmbH & Co. KG, Enns, Austria ("Biodiesel Enns") will file for
insolvency tomorrow April 15th.Biodiesel Enns is by 51 percent owned by Neckermann Renewables GmbH,
a 100percent subsidiary of the GATE Group. Hereof Fortune Management
Inc. holds a participation of 65 percent. The remaining 49 percent of
Biodiesel Enns are owned by Invest Unternehmensbeteiligungs
Aktiengesellschaft ("Invest AG"), a subsidiary of
Raiffeisenlandesbank Oberösterreich Aktiengesellschaft, Linz,
Austria. Biodiesel Enns represents a refinery with an annual
production capacity of about 100.000 tons of Biodiesel.The reason for the insolvency is the decision of the lending bank and the parent company of Invest AG, the Raiffeisenlandesbank Oberösterreich Aktiengesellschaft, to deny Biodiesel Enns the use of an already established credit line. Therefore the current negotiations for the raw material supply, which would have secured the survival of Enns, failed. About 30 employees are concerned. Gate invested more than EURO 13 Million in Biodiesel Enns.
Other GATE-companies outside of Austria are not affected by the insolvency.
Profile of FORTUNE Management Inc.: FORTUNE Management Inc., Zug/Switzerland, is a publicly listed private equity firm. Its two business divisions are Private Equity Management and Principal Investments. Private Equity Management achieves consistent revenues from the management of specialized funds, whereas Principal Investments comprises direct investments (e.g. in bio-diesel manufacturer GATE or in the Swiss asset managers FORTUNE Wealth Management Group AG) with a view to capital gains. FORTUNE Management Inc. has subsidiaries in Zug, Zurich, Geneva, Luxemburg, Würzburg, Vienna and the Bahamas as well as a branch in Dubai. The company´s shares (ISIN: USU 026281027) are listed in the General Standard segment of Frankfurt Stock Exchange (symbol: FMI1) and on the DIFX in Dubai.
end of announcement euro adhoc
Further inquiry note:
FORTUNE Management Inc.
Thomas Luber
Phone +49 69 9441 8069
IR@fortune-management.com
Bahnhofstrasse 10
P.O. Box 324
CH-6301 Zug
Branche: Financial & Business Services
ISIN: USU026281027
WKN: A0BLYY
Börsen: Börse Berlin / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse Frankfurt / regulated dealing/general standard