DGAP-Adhoc
Hess AG: Filings for insolvency
Hess AG / Key word(s): Insolvency
13.02.2013 11:59
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
Hess AG: Filings for insolvency
After intensive examinations, the management board came to the conclusion
that Hess AG (ISIN: DE000A0N3EJ6) is illiquid, has no positive prognosis of
the continuation of the enterprise and the company is, according to the
current status of examinations, over-indebted. The management board will,
as a result, file an application for insolvency with the competent local
court (insolvency court). As well, the management of Hess Lichttechnik
GmbH, a 100 per cent subsidiary of Hess AG, will file an application for
insolvency because of illiquidity.
Hess AG is illiquid. The available moneys of Hess AG are not sufficient to
meet the mature obligations to pay of Hess AG. One of the main reasons for
illiquidity is that the major stockholder, Hess Grundstücksverwaltungs GmbH
& Co. KG, does not fulfill due (in the view of Hess AG) obligations
vis-à-vis the Hess group and is not willing to make sufficient
contributions for the restructuring of the company.
Because of negative cash flows (before financing) oft he company since 2009
the financing of the enterprise of the company for the current and next
fiscal year is not secured. Because of uncertainties with regard to
possible suits of investors there are no sufficient chances for acquisition
of new equity or debt capital from investors. As a result, there is a
negative positive prognosis of the continuation of the enterprise with
regard to the company.
It is envisaged to re-structure the operative business of the company
within the insolvency proceedings.
Villingen-Schwenningen, 13. February 2013
Management Board
13.02.2013 DGAP´s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: Hess AG
Lantwattenstraße 22
78050 Villingen-Schwenningen
Germany
Phone: +49 7721 920 0
Fax: +49 7721 920 250
E-mail: hess@hess.eu
Internet: www.hess.eu
ISIN: DE000A0N3EJ6
WKN: A0N3EJ
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
After intensive examinations, the management board came to the conclusion
that Hess AG (ISIN: DE000A0N3EJ6) is illiquid, has no positive prognosis of
the continuation of the enterprise and the company is, according to the
current status of examinations, over-indebted. The management board will,
as a result, file an application for insolvency with the competent local
court (insolvency court). As well, the management of Hess Lichttechnik
GmbH, a 100 per cent subsidiary of Hess AG, will file an application for
insolvency because of illiquidity.
Hess AG is illiquid. The available moneys of Hess AG are not sufficient to
meet the mature obligations to pay of Hess AG. One of the main reasons for
illiquidity is that the major stockholder, Hess Grundstücksverwaltungs GmbH
& Co. KG, does not fulfill due (in the view of Hess AG) obligations
vis-à-vis the Hess group and is not willing to make sufficient
contributions for the restructuring of the company.
Because of negative cash flows (before financing) oft he company since 2009
the financing of the enterprise of the company for the current and next
fiscal year is not secured. Because of uncertainties with regard to
possible suits of investors there are no sufficient chances for acquisition
of new equity or debt capital from investors. As a result, there is a
negative positive prognosis of the continuation of the enterprise with
regard to the company.
It is envisaged to re-structure the operative business of the company
within the insolvency proceedings.
Villingen-Schwenningen, 13. February 2013
Management Board
13.02.2013 DGAP´s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: Hess AG
Lantwattenstraße 22
78050 Villingen-Schwenningen
Germany
Phone: +49 7721 920 0
Fax: +49 7721 920 250
E-mail: hess@hess.eu
Internet: www.hess.eu
ISIN: DE000A0N3EJ6
WKN: A0N3EJ
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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