EANS-Adhoc: ESCADA AG
Insolvency petition has been filed by ESCADA (USA) Inc.
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.
Restructuring
14.08.2009
Munich/New York, August 14, 2009 - Following the opening of preliminary insolvency proceedings of ESCADA AG, Aschheim / Germany, on August 13, 2009, the wholly owned US subsidiary ESCADA (USA) Inc., today filed a petition seeking relief under the provisions of chapter 11 of the US Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York.
The filing was submitted in the best interests of the corporation, its creditors and other interested parties with the aim of stabilizing the important US business of ESCADA Group, thereby also being a crucial first step in the overall restructuring of the Group.
end of announcement euro adhoc
Further inquiry note:
Investor Relations
Yara Kes
Tel.: +49 (0) 89 9944 1336
E-mail: yara.kes@de.escada.com
Presse:
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