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PixelNet AG (WKN 527 980) files for opening of 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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PixelNet AG (WKN 527 980) files for opening of insolvency proceedings
PixelNet AG initiates insolvency proceedings
Wolfen, July 1, 2002 – After detailed examination of the business and financial
situation, the Management Board of PixelNet AG (Neuer Markt: PXN) has initiated
today an insolvency proceeding with the District Court at Dessau due to
threatening illiquidity.
This step became necessary because its subsidiary PHOTO PORST AG filed a
petition for insolvency due to the threat of illiquidity on June 24, 2002 so
that the repayment of loans to the parent company, as envisaged in the
framework of liquidity planning, cannot be made, or cannot be made on the due
date.
At the same time, the management of ORWO Media GmbH – a hundredpercent
subsidiary of PixelNet AG – has initiated today an insolvency proceeding with
the District Court at Dessau due to threatening illiquidity.
Both companies are now awaiting the appointment of an interim insolvency
trustee.
end of ad-hoc-announcement (c)DGAP 01.07.2002
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WKN: 527980; ISIN: DE0005279806; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
012048 Jul 02
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