PopNet Internet AG
PopNet Internet AG english
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Hamburg, 26.09.01 – The PopNet Internet AG announces that due to insolvency it
has today applied for and opened insolvency procedures. Previous intensive
efforts and negotiations with potential partners were interrupted last week
following the tragic occurrence in the USA. As the company already announced on
the 25.09.01, the credit line only granted in May 2001 was terminated by the
Commerzbank AG “with immediate effect and for important reasons”. Following re-
examination of the economic situation of the company, its looming decline in
turnover, increasing liquidity requirements up until the end of the year and the
overall negative economic perspective, the management board of PopNet Internet
AG have come to the conclusion in co-ordination with the supervisory board, to
apply for and open insolvency procedures. The above mentioned application was
submitted to the appropriate local court in Hamburg at 4.30 p.m. today. PopNet
now expects the short term appointment of an interim insolvency administrator
whose aim is to secure the jobs and customer relationships as well as the
preservation of the healthy business divisions. As well as the know-how of
highly qualified employees, PopNet Internet AG has promising successful
contracts and established relationships with major customers from the classical
industry and service branches.
Further details will be shortly communicated in co-ordination with the interim
insolvency administrator.
Contact: PopNet Investor Relations, Tel: 040-27827-149, eMail:investor-
relations@popnet.de
end of ad-hoc-announcement (c)DGAP 26.09.2001
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WKN: 622810; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, München, Hannover und Stuttgart
261811 Sep 01
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