Mobilcom AG
MobilCom AG english
MobilCom AG
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————–
MobilCom reaches agreement with France Télécom / financing secured through new
credit agreement
MobilCom AG, Büdelsdorf, November 22nd 2002 – MobilCom AG and France Télécom
have signed an agreement that should finally settle the long dispute over the
UMTS project. France Télécom will assume the liabilities of MobilCom, which
amount to 7.0 billion euro plus capitalised interest, and will abandon its claim
for this amount against MobilCom AG. In particular the agreement covers bank
loans of 4.8 billion euro from the financing of the UMTS licence, vendor
facilities of 1.2 billion euro with Nokia and Ericsson and a shareholder’s loan
of 1 billion euro. France Télécom wil waive the repayment claims against
MobilCom. France Télécom is on the way to wrap up provisions with the UMTS
banking syndicate and the network suppliers. Furthermore France Télécom will
also assume the cost of the “freezing” of the UMTS project – a first payment of
14.5 million Euro is scheduled immediately after completion of contract. All
further payments will be made in compliance with financial requirements up to a
total volume of EUR 580 million, a sum capable of covering all costs including
the obligations of all long-term contracts. The agreement also stipulates that
90 percent of any revenue from sales of UMTS-related assets should be paid to
France Télécom. In return MobilCom AG will abandon all claims arising from the
co-operation framework agreement completed with France Télécom. The contract
regulates the financing responsibilities of France Télécom by rolling out a UMTS
network. The major shareholder, Gerhard Schmid, consented to the completion of
this agreement and to the abandonment of all claims against France Télécom due
to the completed co-operation agreement. The agreement between MobilCom and
France Télécom is subject to the reservation of approval by the annual
shareholder meetings of both companies, due to be held in January 2003, and to
the signing of definitive settlements between France Télécom and the UMTS banks
and network suppliers. MobilCom AG has also signed a credit agreement for 112
million euro with a banking syndicate comprising the Kreditanstalt für
Wiederaufbau (KfW), as syndicate leader, as well as the Deutsche Bank, Dresdner
Bank and Landesbank Schleswig-Holstein.
end of ad-hoc-announcement (c)DGAP 22.11.2002
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Including the bridge loan of 50 million euro MobilCom conserve 162 million euro
for the restructuring of the service provider, the fixed line and internet
business. The original salvage plan was based on the assumption that a credit of
EUR 400 million would be required. This amount has been reduced, in particular
because France Télécom agreed to carry the full cost of UMTS expenditure. “The
completion of these agreements signifies a successful end to a difficult series
of negotiations that has been continuing over the last few months”, said Dr.
Thorsten Grenz, chairman of the management board of MobilCom AG. “We can now
concentrate our entire energies into the rehabilitation of our core business and
the safeguarding of the jobs of our employees.” A particularly grateful belongs
to Dr. Dieter Vogel who conduct the negotiations at request of the Federal
Government and on behalf of the supervisory board. MobilCom also acknowledge the
efforts of the Federal Government and the state government of Schleswig-
Holstein and the guarantees that they issued in support of the transaction. A
grateful also belongs to France telecom for taking over the financial
obligations.
——————————————————————————–
WKN: 662240; ISIN: DE0006622400; Index: NEMAX 50
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart; EUREX
221621 Nov 02
Latest News
Latest Reports
Upcoming Events
No Events found
Webcasts
No Webcasts found