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Abonner GARANT SCHUH + MODE AG

GARANT SCHUH + MODE AG

euro adhoc: GARANT SCHUH + MODE AG
GARANT files for insolvency (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
The board of directors of GARANT SCHUH + MODE AG has resolved today
to file a petition for commencement of insolvency proceedings on the
grounds of illiquidity with the competent Local Court of Düsseldorf
on September 7, 2004, in order to avoid further damage to the
Company. The negotiations between the Company and its financing banks
with the objective to bridge a liquidity shortage and to ensure
sufficient long-term financing did unexpectedly not lead to final and
satisfactory results so far since out of eighteen financing banks the
Dutch Rabobank International was not prepared to maintain its loans
and credits at the terms and conditions agreed between the financing
banks. An agreement of all eighteen financing banks is necessary in
order to bridge the liquidity shortage. The Company plans to continue
its discussions with the financing banks with high intensity. If the
financing of GARANT SCHUH + MODE AG can be ensured shortly the board
of directors will withdraw its petition for commencement of
insolvency proceedings. Otherwise the Company plans to implement
necessary restructuring and financing measures to secure continuation
of the business in the course of the insolvency proceedings.
end of announcement        euro adhoc 06.09.2004

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

Plus de actualités: GARANT SCHUH + MODE AG
Plus de actualités: GARANT SCHUH + MODE AG