Kinowelt Medien AG
Kinowelt Medien AG english
Kinowelt Medien AG files for insolvency proceedings as a precautionary measure
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Kinowelt Medien AG files for insolvency proceedings as a precautionary measure
Reason: talks with ABN AMRO Bank hitherto inconclusive
Subsidiaries – with the exception of Kinowelt Lizenzverwertung – unaffected
Munich, 19 December 2001: Kinowelt Medien AG and its subsidiary Kinowelt
Lizenzverwertungs GmbH today took the precautionary measure of filing a suit at
the Munich courts for the initiation of insolvency proceedings. This action was
triggered by the failure of talks which had been taking place with ABN AMRO Bank
within the statutory maximum of 21 days since the short-term notice of
foreclosure on 28 November 2001.
The German branch of ABN AMRO Bank NV had filed its suit for the opening of
insolvency proceedings against the assets of Kinowelt Medien AG and Kinowelt
Lizenzverwertungs GmbH on 29 November 2001; therefore the action was taken in
compliance with the liability laws. It has no effect on the legal and financial
situation. Both companies will continue to trade as normal.
None of the other subsidiaries and holdings of Kinowelt Medien AG, among others
Kinowelt Home Entertainment GmbH, Kinowelt Filmverleih GmbH, Kinowelt
Filmproduktion GmbH, Atlas Air Film + Media Service GmbH and the Kinopolis
multiplex cinemas are affected. The operational business of all these firms is
secured.
A part of Kinowelt’s TV license trading activities goes through Kinowelt
Lizenzverwertungs GmbH. It is this company, for example, that held the rights to
the Warner film package.
Enquiries to Kinowelt Medien AG:
Christin Wegener, Tel.: + 49 89-30 796 7270
Jörg Lang, Tel.: + 49 89-30 796 8103
end of ad-hoc-announcement (c)DGAP 19.12.2001
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WKN: 628590; ISIN: DE0006285901; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München, Stuttgart
190844 Dez 01
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