ELSA AG
ELSA AG english
Management board files for insolvency proceedings
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Management board files for insolvency proceedings
Closing of Investments impossible under given timing
The credit facility provided by members of a banking pool had been terminated
for February 15, 2002 as previously reported. The company is unable to repay the
due debt. Access to the companies account is no longer available. Request of
the company to extend the repayment date and allow access to the companies
accounts has not been granted until today. As an investment closing within the
remaining time until expiration of the three week period provided by law seems
unlikely, the management board today filed for insolvency proceedings due to the
company being insolvent at the responsible district court.
As a precautionary measure it was disclosed today that the evaluation of its
assets in case of a non going concern will likely result in over-in-deptedness
of the company.
***
For more information:
Sven Heyden
Investor Relations Manager
ELSA AG
Sonnenweg 11
D-52070 Aachen
Germany
Tel: +49 (0)241 606-1188
Fax: +49 (0)241 606-1149
E-mail: investor@elsa.de
Web: http://investor.elsa.com
end of ad-hoc-announcement (c)DGAP 25.02.2002
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WKN: 507360; ISIN: DE0005073605; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
251455 Feb 02
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