pgam advanced technologies AG
pgam adv. tech AG: Insolvency Proceedings opened
Ad hoc announcement §15 WpHG
Insolvency Proceedings
pgam adv. tech AG: Insolvency Proceedings opened
Ad hoc announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Insolvency Proceedings opened
By order of the district court of Osnabrück the insolvency proceedings
regarding the estate of pgam advanced technologies AG were opened today.
The lawyer Klaus Niemeyer from Osnabrück is the court appointed insolvency
administrator.
The insolvency administrator will continue the companies enterprise for the
time being. In order to reduce costs and thus facilitating the continuation
of the business, initially a total of 211 employees were given special
company leave. The 63 people employed at the site Reutlingen – which will
be closed – are part of the 211 employees, which were given special company
leave. The local production as well as the processing of orders in hand in
Reutlingen will be relocated to Georgsmarinenhütte in order to obtain
further cost savings by the concentration of the manufacturing with a
simultaneous utilization of synergies.
The insolvency administrator intends to negotiate with the present
interested parties the sale of the whole enterprise or parts of it. The
non-insolvent affiliated companies shall also be subject of the
negotiations.
Georgsmarinenhütte, June 1, 2005
pgam advanced technologies AG
Beekebreite 18-20
49124 Georgsmarienhütte
Deutschland
ISIN: DE0005138408
WKN: 513840
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverker in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
End of ad hoc announcement (c)DGAP 01.06.2005
011703 Jun 05
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