euro adhoc: EIC Electricity SA
Appeal to Lift Bankruptcy of EIC's
Swedish Venture unsuccessful (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Yesterday, a Swedish Court of Appeal confirmed the bankruptcy
declaration of ESS by a District Court in Stockholm. The bankruptcy
declaration is related to the payment of a conditional purchase price
of SEK 6,5 million (CHF 1,1 million) which is claimed by the former
owner of ESS. In ESS' view, the conditions leading to such payment
have not materialized and therefore the conditional purchase price is
not due. EIC through Scandinavian Energy Finance Ltd. ("SEFL") owns
63% of ESS.ESS will appeal the decision at the Supreme Court in Stockholm. The economic implications of the decision by the Court of Appeal are currently under review by the EIC Board of Directors. The review might result in a revaluation of EIC's investment in SEFL. EIC's total exposure amounts to CHF 10.6 million, or approx. 39% of the Company's net asset value.
end of announcement euro adhoc 08.04.2004
Further inquiry note:
EIC Partners AG, Tel. +41-43-844 10 00
Branche: Electricity Production & Distribution
ISIN: CH0007162958
WKN: 940179
Index: Investment Index (IGSP)
Börsen: Frankfurter Wertpapierbörse / official dealing
SWX Swiss Exchange / official dealing