DGAP-News: Hess AG / Key word(s): Insolvency/Miscellaneous
Hess AG: Sales process well underway
12.04.2013 / 13:55
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Hess AG: Sales process well underway
- Sale by means of an asset deal aspired
- Claims for damages brought against former Managing Board
- Finale restructuring concept is presented at the end of April
Villingen-Schwenningen, 12th April, 2013. The sale of Hess AG is in full
swing. 'We are currently in dialogue with 30 strategic investors', states
temporary insolvency administrator Dr Volker Grub. Detailed conversations
would already be conducted with some investors, with the result that Grub
is optimistic about the chance of a 'certain preliminary decision' being
taken during the investor process in May. The discussions are intensified
and deepened in the meantime. An electronic Data Room is available parallel
to the meetings and was specifically established for interested investors.
It is aimed at completing the sales process in the course of an asset deal.
That implies selling the operative business as well as the fixed and
current assets of Hess with the proceeds being available to the creditors
for the satisfaction of their claims.
Due to the results of the internal special investigation and the
confirmation of the accusations of manipulation, there is no other
possibility from the perspective of the insolvency administrator. 'No
investor is willing', states Dr Grub, 'to take an incalculable risk
resulting from impending claims for damages by creditors and shareholders.'
Numerous tax problems beyond the impending claims for damages would make
the continuation of the stock company considerably more difficult: 'The new
owners expect a company freed from the burden of the past', explains Dr
Grub and adds that the asset deal aimed at was without alternative.
Enforcement of claims for damages processed
Meanwhile, first claims for damages were asserted by Hess AG. 'The two
former Managing Directors, Christoph Hess and Peter Ziegler, as well as the
former sole shareholder of Hess Grundstücksverwaltungs GmbH & Co. KG were
prompted in a first step to refund the costs of six million Euros resulting
from the initial public offering', says Dr Grub. As the initial public
offering was based on numbers which were verifiably incorrect, the former
Managing Directors and the IPO operating majority shareholder Hess
Grundstücksverwaltungs GmbH & Co. KG are obliged to compensate for the
damage occurred.
Restructuring concept will be presented at the end of April
The restructuring concept currently being implemented is adjusted according
to the results of the internal special investigation. A presentation of the
finale restructuring concept takes place at the end of April. 'All cost are
on trial', states Managing Director Andreas R. Budde. A statement as to
whether further measures in the area of human resources are to be expected
cannot be made at this time. 'We will consequently initiate and implement
the measures that lead Hess towards higher ground and return business to
sustainable profitability', explains Budde.
Contact:
Hess AG
Marco Walz
Investor Relations
LantwattenstraÃe 22
D - 78050 Villingen-Schwenningen
Phone: +49 7721 920-475
Fax : +49 7721 920-771475
Mail : marco.walz@hess.eu
www.hess.eu
End of Corporate News
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Language: English
Company: Hess AG
LantwattenstraÃe 22
78050 Villingen-Schwenningen
Germany
Phone: +49 7721 920 0
Fax: +49 7721 920 250
E-mail: hess@hess.eu
Internet: www.hess.eu
ISIN: DE000A0N3EJ6
WKN: A0N3EJ
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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206956 12.04.2013
DGAP-News: Hess AG: Sales process well underway
| Source: EQS Group AG