EANS-Adhoc: ESCADA AG: Sale of ESCADA Group's operative business to Megha Mittal
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.
05.11.2009
Munich, November 5, 2009: Today the insolvency administrator of
ESCADA AG signed a sale and transfer agreement with one of the Mittal
Family Trusts ("the Trust"). With the execution of the agreement all
key assets of ESCADA AG's operative business as well as shares in
ESCADA AG's subsidiaries will be transferred to the Trust. Excluded
thereof are any subsidiaries, which serve as guarantor for the ESCADA
bond. The preliminary creditors' committee has approved the
transaction.The transaction provides for a transfer of ESCADA AG's business operations, including employees as well as worldwide brand rights, production facilities and the sales and distribution structure to the Trust. The Board of Management and the new investor have agreed to cooperate on the basis of the business strategy launched in mid-2008 securing continuity of the operative business. The transaction is subject to customary antitrust approvals.
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
Wirtschaftsmedien:
Frank Elsner Kommunikation für Unternehmen GmbH
Frank Elsner
Tel.: +49 - 54 04 - 91 92 0
Email: info@elsner-kommunikation.de
Mittal Family:
Nicola Davidson
Phone: +44 7730 671 998
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