Kinowelt Medien AG
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Kinowelt Medien AG: Insolvency proceedings opened
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Kinowelt Medien AG and Kinowelt Lizenzverwertungs GmbH: Insolvency proceedings
opened
Munich, 08.05.2002: On 07.05.2002 Munich Local Court opened insolvency
proceedings for the assets of Kinowelt Medien AG and Kinowelt Lizenzverwertungs
GmbH. Lawyer Dr. Wolfgang Ott, hitherto provisional administrator of both
companies, was appointed administrator. The formal opening of insolvency
proceedings is a necessary precondition for continuing the process of
restructuring the core business. The administrator will continue to run the
business operations of both companies, and the other companies within the
Kinowelt Media Group will also continue full operations.
Intensive negotiations with potential investors continue apace, with the aim of
identifying and implementing a way of maintaining core business operations in
the short term. However, talks have become significantly more difficult as a
result of the changes currently taking place in the German media sector. At
present the continued existence of the two companies Kinowelt Medien AG and
Kinowelt Lizenzverwertungs GmbH is unlikely, and a more realistic scenario is
for the existing assets of both companies to be transferred to a newly-founded
company (rescue company).
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
end of ad-hoc-announcement (c)DGAP 08.05.2002
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WKN: 628590; ISIN: DE0006285901; Index:
Listed: Geregelter Markt in Frankfurt; Freiverkehr in Berlin, Bremen,
Düsseldorf, Hamburg, Hannover, München, Stuttgart
080729 Mai 02
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