DGAP-Adhoc: Schmack Biogas files application for opening of insolvency proceedings due to imminent failure of pay

 | Source: EQS Group AG EQS Group AG 

Schmack Biogas AG / Insolvency

21.10.2009 

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

---------------------------------------------------------------------------

Schwandorf, October 21, 2009. As of October 20, 2009, the Managing
Directors of Schmack Biogas' subsidiaries Stelzenberger Biogas GmbH
(Kirchweidach), Carbotech Engineering GmbH (Essen) and Hese Biogas GmbH
(Gelsenkirchen) filed an application for opening of insolvency proceedings
due to imminent failure of pay. Intensive negotiations with banks and
investors concerning the financing of the Schmack Biogas Group turned out
unsuccessfully. Thus, the Management Board of Schmack Biogas (Schwandorf)
also filed an application for opening of insolvency proceedings due to
imminent failure of pay. The Management Board of Schmack Biogas as well as
the Management Directors of the subsidiaries intend to continue the
operative business under self-administration and the restructuring in a
planned insolvency process in cooperation with a Chief Restructuring
Officer (CRO).


Contact:
Schmack Biogas AG
Ralf Trück
Tel.: +49 (0) 9431 / 751-301
ir@schmack-biogas.com

Haubrok Investor Relations GmbH
Michael Müller, Linh Chung
Tel.: +49 (0) 211 / 30126-106
m.mueller@haubrok.de


21.10.2009  |[![CDATA[|[a href="http://www.dgap.de"|]Financial News transmitted by DGAP|[/a|]]]|]

---------------------------------------------------------------------------
 
Language:     English
Company:      Schmack Biogas AG
              Bayernwerk 8
              92421 Schwandorf
              Deutschland
Phone:        +49 (0)9431 / 751-0
Fax:          +49 (0)9431 / 751-204
E-mail:       info@schmack-biogas.com
Internet:     www.schmack-biogas.com
ISIN:         DE000SBGS111
WKN:          SBGS11
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, München, Stuttgart
 
End of News                                     DGAP News-Service
 
---------------------------------------------------------------------------