Advanced Medien AG

euro adhoc: Advanced Medien AG
Advanced Medien AG announces insolvency of its subsidiary TSC Technische Systeme Consult GmbH (E)

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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

Weitere Meldungen: Advanced Medien AG

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