Mosaic Fashions hf.
– Petition for bankruptcy proceedings
Mosaic Fashions hf. / Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- On 10th March 2009 Mosaic Fashions hf. was granted authorisation by the District Court of Reykjavík to enter into bankruptcy proceedings in accordance with Article 64 of Act no. 21/1991 on Bankruptcy, as the company is unable to fulfill its obligations towards its creditors in full when they fall due and it is not likely that the company's payment difficulties will be resolved within a short period of time. Mr. Jóhannes Karl Sveinsson, Supreme Court Attorney, was appointed trustee over the bankrupt estate. Mosaic Fashions hf. had announced on 3 March 2009 that administrators had been appointed to Mosaic Fashions Limited, a subsidiary of Mosaic Fashions hf., together with certain subsidiaries including the UK companies which own the Karen Millen, Warehouse, Oasis, Coast, and Anoushka G, Principles and Shoe Studio brands (the UK Subsidiaries). The Karen Millen, Warehouse, Oasis, Coast and Anoushka G brands have since been sold to Aurora Fashions, Shoe Studio has been sold to Dune and certain of the Principles assets have been sold to Debenhams. For further information please contact: Investor Relations Jessica Wilks Tel: +44 207 452 1000 Press Alistair Mackinnon-Musson Nathan Field Hudson Sandler Tel: +44 20 7796 4133 News Source: NASDAQ OMX 11.03.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Mosaic Fashions hf. Iceland Phone: Fax: E-mail: Internet: ISIN: IS0000010817 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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