Kinowelt Medien AG
Kinowelt Medien AG english
ABN Amro calls in Kinowelt loans
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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ABN Amro calls in Kinowelt loans
Munich, 26.11.2001: Kinowelt Medien AG announces that ABN Amro Bank NV,
Amsterdam, has called in its loans to the company with effect from 28th November
2001. The loans amount to more than DM 100 million, and Kinowelt is not in a
position to raise this sum by 28th November. If it is not possible to reach an
agreement with Amro Bank NV at short notice, then Kinowelt – in order to protect
its other creditors – is likely to have to file for insolvency. The management
is convinced that if this happens, the result for the funding banks will be
significantly worse.
Enquiries to Kinowelt Medien AG:
Christine Wegener
Jörg Lang
Tel: 0049-89-30796-7270
Tel: 0049-89-30796-8103
end of ad-hoc-announcement (c)DGAP 26.11.2001
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
This step taken by ABN Amro Bank NV comes as a surprise for Kinowelt. In recent
months the company had succeeded in tightening up its business operations and
had achieved a very positive cash flow before interest and amortization. All the
funding banks had been informed of this development and many of them had
reacted positively to the news. Some banks had already indicated their
willingness to contribute towards funding restructuring measures. With the
exception of ABN Amro Bank NV, none of the other banks have called in their
loans. ABN Amro Bank NV appears to expect to achieve a higher rate of repayment
of its loan to Kinowelt through insolvency procedures. This opinion is not
confirmed by experts consulted by Kinowelt. On the contrary, a large proportion
of the loan from ABN Amro Bank NV is not collateralized. The action taken by ABN
Amro Bank NV contradicts all economic considerations and, moreover, endangers
many jobs at Kinowelt and its suppliers. On 30th September 2001 Kinowelt had a
total of 797 employees throughout the Group.
Enquiries to Kinowelt Medien AG:
Christine Wegener
Jörg Lang
Tel: 0049-89-30796-7270
Tel: 0049-89-30796-8103
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WKN: 628590; Index: NEMAX 50
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München, Stuttgart
261023 Nov 01
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