Das Werk AG

euro adhoc: Das Werk AG
Banks Supporting Restructuring Process (E)

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Lending banks have approved the corporate-group restructuring plan that was worked out by the DAS WERK AG Board of Directors and reviewed by Roland Berger. The banking pool, consisting of the BHF Bank AG, Commerzbank AG, Deutsche Bank AG, DZ Bank AG and the Stadtsparkasse Cologne, has furnished the needed funds and has extended its previously awarded loans. These banks are granting DAS WERK AG a line of credit of more than 60 million euros. The related underwriting agreement for implementing the overall commitment is currently being prepared. These additional funds have already been made available to DAS WERK AG in line with the announced approval.

The corporate group’s lines of credit, including film project financing, total some 124 million euros, of which about 96 million euros have been drawn upon as of 30 June 2002. The group repaid 9 million euros in liabilities to banks during 2nd quarter 2002 and had cash on hand of ca. 6 million euros as of 30 June 2002.

The objective behind realigning the corporate group is to concentrate on the core Film and Television Digital Postproduction business segment. As such, the Das Werk postproduction units in Düsseldorf, Frankfurt, Hamburg and Munich were combined to form the German company Das Werk Deutschland GmbH. Michael Endres has been appointed Chief Operating Officer (COO) of this new Das Werk Deutschland GmbH. Endres will be joined in his leadership responsibilities by the Das Werk co-founder Ralf Drechsler as Chief Creative Officer (CCO) and board member Joachim Sturmes as Chief Executive Officer (CEO).

The extended pressrelease with additional information is available through www.das-werk.de

end of announcement            euro adhoc 13.08.2002

Further inquiry note: Herr Wolfgang Borgfeld

Branche: Media
ISIN:      DE0005412001
WKN:        541200
Börsen:  Baden-Württembergische Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Berliner Wertpapierbörse / free trade
              Börse Düsseldorf / free trade
              Hamburger Wertpapierbörse / free trade
              Niedersächsische Börse zu Hannover / free trade
              Frankfurter Wertpapierbörse / Neuer Markt

Weitere Meldungen: Das Werk AG

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