DGAP-Adhoc: Neschen AG: Insolvency proceedings opened


Neschen AG  / Key word(s): Insolvency/Restructure of Company

01.07.2015 14:08

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Neschen AG: Insolvency proceedings opened

The District Court of Bückeburg today resolved to open the insolvency
proceedings of Neschen AG. The District Court confirmed the
self-administration of the company as well as Arndt Geiwitz as trustee. The
operative development of the company, as well as extensive support by
employees, customers and suppliers has enabled the company to prevent job
losses. In addition, the bargaining parties have agreed on a long-term
company collective agreement solution for Neschen AG, which will replace
the short-term restructuring agreements in place since 2009 and which
should provide investors with long-term security. Neschen AG's Executive
Board filed for insolvency with an application for self-administration on
April 17, 2015. The reason for the insolvency application was the existing
liability from an old credit agreement that the company cannot settle. As a
result, it was thus not possible to issue a positive prognosis for the
company. In this regard, Neschen agreed on a mediation procedure with the
hedge fund for the legal disputes, which will start in mid-August.


Contact:
BSK Becker + Schreiner Kommunikation GmbH
Tobias Weitzel
Gießerallee 6
47877 Willich
Phone: +49 (2154) 81 22 18
E-mail: investor.relations@neschen.de


01.07.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      Neschen AG
              Hans-Neschen-Str. 1
              31675 Bückeburg
              Germany
Phone:        + 49 (0) 5722 207-0
Fax:          + 49 (0) 5722 207-197
E-mail:       a.buhrmester@neschen.de
Internet:     www.neschen.de
ISIN:         DE0005021307
WKN:          502130  
Listed:       Regulated Market in Frankfurt (General Standard), Hanover;
              Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg,
              Stuttgart
 
End of Announcement                             DGAP News-Service
 
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