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. --------------------------------------------------------------------------- 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 GieÃerallee 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 --------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------
DGAP-Adhoc: Neschen AG: Insolvency proceedings opened
| Source: EQS Group AG