ELSA AG
ELSA AG english
Banks terminate credit facility
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Banks terminate credit facility
The credit facility provided to ELSA AG by seven members of an eight bank
banking pool have been terminated for February 15, 2002. The credit volume
terminated amounts to approximately 28 Million Euro.
One bank and pool member additionally notified the company that the credit
facility of 10 Million Euro, provided until March 30, 2002, will not be
extended. In case of a repayment of the companies other credits to the pool the
bank also expects a loan repayment by February 15, 2002.
Negotiations with the banks about a credit buyout through a third party investor
have failed, despite intensive arbitration attempts also of the banking pool
leader. Funds for a return of the outstanding credits are presently unavailable.
Going concern of the company is therefore unsecured. The management board is
evaluating its obligation to initiate insolvency proceedings.
end of ad-hoc-announcement (c)DGAP 07.02.2002
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WKN: 507360; ISIN: DE0005073605; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
071501 Feb 02
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