euro adhoc: PrimaCom AG
PrimaCom AG filed a law suit against the
holders of the "second secured loan".
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Today the PrimaCom AG and the company`s subsidiary PrimaCom Management GmbH filed a law suit at the District Court Mainz against the holders of the "second secured loan". The second secured loan amounts to EUR 375.000.000. The law suit (AZ 10HKO 112/04) should determine whether PrimaCom AG and PrimaCom Management GmbH is obligated to pay the interest of the second secured loan or rather that the second secured holder should currently not be able to enforce possible existing interest claims. The law suit is based on expert opinions obtained from the renowned accounting partnership (Wirtschaftsprüfersozietät) LKC Kemper Czarske v. Gronau Berz - functioning as special examiner - as well as from Prof. Dr. Armbrüster on usurious credit and additionally on an expert opinion from a renowned insolvency office - that the second secured loan has an equity character. This implies that no interest would have to be paid over the entire term and that interest already paid should be refunded to the company. Furthermore due to the equity character of the second secured loans, it is not possible under the German law to continue to make interest payments as long as, and until a solution to the financial crisis is found.
PrimaCom AG Management Board
end of announcement euro adhoc 09.12.2004 16:23:54
Further inquiry note:
PrimaCom AG
Investor Relations
T.: +49(0)6131 944 522
E-Mail: investor@primacom.de
Branche: Telecommunications Equipment
ISIN: DE0006259104
WKN: 625910
Index: General Standard, CDAX, Technologie All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Niedersächsische Börse zu Hannover / free trade
Bayerische Börse / free trade
Bremer Wertpapierbörse (BWB) / free trade