euro adhoc: GARANT SCHUH + MODE AG
Insolvency Trustee announces
quick resumption of central settlement (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
GARANT SCHUH + MODE AG will resume its core business, the central settlement, as of the 25th decade. This is the result of intensive negotiations that the companys preliminary insolvency trustee, Friedrich-Wilhelm Metzeler, has led with all parties involved over the last few days. An agreement with the credit insurers was reached at the beginning of the week. On Tuesday, an arrangement with the banks that are most important to GARANTs core business was achieved. Subject to certain approvals, the banks grant an insolvency loan of Euro 15 million. The consortium of banks has announced its final decision for the weekend. In the insolvency proceedings for GARANT, the formal opening is expected for early December. The creditors meeting will most probably convene by the mid-February 2005.
end of announcement euro adhoc 16.09.2004
Further inquiry note:
Jenny Bleilefens
Investor Relations
Telefon: +49(0)211-3386-311
jbleilefens@garantschuh.com
Branche: Consumer Goods
ISIN: DE0005853030
WKN: 585303
Index: CDAX, Classic All Share, Prime Standard
Börsen: Börse Düsseldorf / official dealing
Frankfurter Wertpapierbörse / official dealing
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Hamburger Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Baden-Württembergische Wertpapierbörse / free trade