Kabel New Media AG
Kabel New Media AG english
Ad hoc announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Kabel New Media files petition for insolvency proceedings due to illiquidity.
Last week, Kabel New Media announced in an ad hoc dispatch that a precautionary
cessation of payments, with effect from 28th June 2001, had been authorised for
the Kabel New Media Group. Following renewed investigations into the business
and financial situation, and further discussions with potential investors and
financiers, the directors of Kabel New Media AG have decided to apply for the
commencement of insolvency proceedings, on the grounds of insolvency of Kabel
New Media AG and a number of its subsidiaries. As the company’s liquid assets
will be inadequate for the fulfilment of future obligations, today at 2 p.m.
CET, a petition for the commencement of insolvency proceedings was filed at the
responsible court in Hamburg (Hamburg Amtsgericht).
The court is expected to appoint an interim insolvency receiver, with whom
discussions will begin immediately. An important aspect in this matter is the
presentation of incoming payments, made in the last few days by the company’s
clients. In addition to this positive information, the receiver will also be
informed of the expressions of confidence and commitment made by both
established and recently acquired clients, regarding the continuation of
business with Kabel New Media.
The objective continues to be the achievement of a solution that preserves jobs
and client relationships, and maintains the healthy core business in the
interest of employees, clients and shareholders.
Further information will be clarified in co-operation with the interim
insolvency receiver, and communicated as soon as possible with staff, business
partners, the financial market and the media.
Contact:
Kabel New Media AG
Investor Relations
Tel.: +49 40 432 969 116
E-Mail: investor-relations@kabel.de
end of ad hoc announcement (c) DGAP 02.07.2001
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WKN: 622950; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München, Stuttgart
021621 Jul 01
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