euro adhoc: Advanced Medien AG
Advanced Medien AG announces
insolvency of its subsidiary TSC Technische Systeme Consult GmbH (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Munich, November 03, 2003 - Advanced Medien AG announced that its subsidiary TSC Technische Systeme Consult GmbH today filed for insolvency with the Munich Local Court due to illiquidity. This step was triggered by an unexpected negative first-instance judgement handed down by the Munich Regional Court in a minor lawsuit with a creditor in connection with an extraordinary termination of a contract by TSC. Although the defendant filed an appeal against the decision, the judgement for payment of EUR 74,454.23 plus interest can be enforced immediately by the plaintiff because of an existing bank guarantee. The management board of Advanced Medien AG does not expect the insolvency of TSC Technische Systeme Consult GmbH to have any impact on the parent company' revenues and earnings situation. The insolvency of TSC Technische Systeme Consult GmbH also will not have any effect on the ongoing merger negotiations with FAST TV SERVER AG because the participation value of TSC at Advanced Medien AG has already been written down completely and was not taken into account in the calculation of the merger ratio with FAST SERVER AG. The other national and international lawsuits of TSC will be suspended by operation of law due to TSC's filing for insolvency. The insolvency administrator, which will be appointed by a court, will make a decision regarding the continuation of these lawsuits.
The management board
end of announcement euro adhoc 03.11.2003
Further inquiry note:
Advanced Medien AG, Susanne Rehm,
Branche: Media
ISIN: DE0001262186
WKN: 1260218
Index: CDAX, Classic All Share, Prime All Share, Prime Standard
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Niedersächsische Börse zu Hannover / free trade
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade