Kinowelt Medien AG
Kinowelt Medien AG english
Kinowelt Medien AG sells multiplex cinemas and majority share in …
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————–
Kinowelt Medien AG sells multiplex cinemas and majority share in DREFA
Produktion und Lizenz – Outcome of negotiations with investors due in late April
Munich, 22.03.02: Kinowelt Medien AG has today sold off the Kinopolis multiplex
chain. Kinowelt has also sold its majority holding in DREFA Produktion und
Lizenz GmbH. In all cases it has been agreed not to disclose details of the
purchase price.
Intensive talks are taking place with potential investors on a takeover of the
core business. The complexity of the issues involved means, however, that at
present a result is unlikely to emerge before the second half of April.
Attached please find the detailed press release which is also available on our
website: http://www.kinowelt-medien-ag.de
Enquiries to: Kinowelt Medien AG, Corporate Communications & Investor Relations
Tel.: + 49 89-30 796 7270, Fax: + 49 89-30 796 7330 e-mail: presse@kinowelt.de
end of ad-hoc-announcement (c)DGAP 22.03.2002
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Kinowelt Medien AG sells multiplex cinemas and majority share in DREFA
Produktion und Lizenz – Outcome of negotiations with investors due in late April
Munich, 22.03.2002: Kinowelt Medien AG has today sold off the Kinopolis
multiplex chain with immediate effect. The cinema chain, which operates
multiplexes in ten different locations (Flensburg, Wilhelmshafen, Bad
Oeynhausen, Paderborn, Bonn/Bad Godesberg, Freiberg, Sulzbach near Frankfurt,
Aschaffenburg, Darmstadt and Viernheim) has been bought by a Frankfurt
investment group. Kinowelt Medien AG also intends to completely relinquish its
minority holding of 25.2 per cent in selected Village Roadshow multiplex cinemas
by the end of March 2002. The move will mark Kinowelt’s complete withdrawal
from cinema operations.
Kinowelt Medien AG has also sold its 51 per cent majority holding in DREFA
Produktion und Lizenz GmbH, Leipzig, with retrospective effect from 1st January
2002. The company, which operates mainly in the field of TV production, has been
acquired by DREFA Media Holding GmbH, an existing shareholder.
In all cases it has been agreed not to disclose details of the purchase price.
These latest sales represent a further step in the current restructuring process
at Kinowelt. The objective – now largely achieved – is to focus on Kinowelt’s
core business (theatrical distribution, home entertainment and film rights).
Intensive talks are taking place with potential investors on a takeover of the
core business. The complexity of the issues involved means, however, that at
present a result is unlikely to emerge before the second half of April. “We
could not – and still cannot – exclude the possibility of the ambitious
timetable being subject to delay. The sole reason is the sheer complexity of the
matters under negotiation – everyone concerned is working with great
determination to achieve a satisfactory result,” stressed Dr. Wolfgang Ott,
provisional insolvency administrator of Kinowelt Medien AG and Kinowelt
Lizenzverwertungs GmbH. “Day-to-day business operations at Kinowelt are running
according to plan, and it will be possible to meet current liabilities,
including wages and salaries, from the company’s own resources even after the
end of March,” added Dr. Ott.
The Executive Board and the provisional insolvency administrator are keeping
creditor banks closely informed of current developments. All further steps are
being taken in close collaboration with the banks, as the company’s main
creditors.
Further progress has also been made in talks with the main licensors. The final
results will depend on the outcome of the negotiations with potential investors.
Enquiries to: Kinowelt Medien AG, Corporate Communications & Investor Relations
Tel.: + 49 89-30 796 7270, Fax: + 49 89-30 796 7330, e-mail: presse@kinowelt.de
http://www.kinowelt-medien-ag.de
——————————————————————————–
WKN: 628590; ISIN: DE0006285901; Index:
Listed: Geregelter Markt in Frankfurt; Freiverkehr in Berlin, Bremen,
Düsseldorf, Hamburg, Hannover, München, Stuttgart
221519 Mär 02
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden