EANS-Adhoc: ESCADA AG
`ESCADA Deutschland Vertriebs GmbH´ applies for opening
of insolvency proceedings
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
17.11.2009
Munich, November 17, 2009 - `ESCADA Deutschland Vertriebs GmbH´, a 100 percent subsidiary of ESCADA AG, on November 16, 2009 filed a petition with the competent Regional Court in Munich as insolvency court for insolvency proceedings to be opened. The petition follows as a consequence of insolvency proceedings being opened over ESCADA AG´s assets on November 1, 2009 in Aschheim/Germany. On November 17, 2009 at 10 a.m. the Court ordered preliminary administration of the insolvent's assets and appointed Mr. Christian Gerloff, Munich, to act as preliminary insolvency administrator.
Because of potential liability risks the company had not been sold under the sale and transfer agreement to the trust of the Mittal family on November 5, 2009. The operative business of 'ESCADA Deutschland Vertriebs GmbH' shall be transferred shortly as part of an asset deal.
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
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