In a press release published on December 15 2017, Beate Uhse Aktiengesellschaft (ISIN DE0007551400, WKN 755140) announces that it has requested the start of insolvency proceedings in self administration with the aim of restructuring the company. It also states that the management board of Beate Uhse AG decided to take this step because it was not possible to reach an agreement in negotiations with a group of investors on financing.
Beate Uhse AG informs that it keeps its ability to act in regards of the operative business at the level of the holding company, thanks to the insolvency in self administration, which protects from executions and coercive measures by the creditors. The executive board can thus continue the course of restructuring of Beate Uhse in a legally secure framework.
The insolvency application concerns exclusively Beate Uhse AG in its function as a holding company. No insolvency was requested for the subsidiaries of Beate Uhse AG.
Source: Beate Uhse AG. No responsibility is taken for the correctness of this translation.