Endor AG files for insolvency

EQS-News: Endor AG / Key word(s): Insolvency Endor AG files for insolvency 30.07.2024 / 23:00 CET/CEST The issuer is solely responsible for the content of this announcement. Endor AG files for insolvency

• Reorganisation according to StaRUG failed
• Business operations will continue without restrictions
• Open-ended process to take over the company started
• Foreign companies not affected by insolvency

Landshut, 30 July 2024 – Endor AG (WKN 549166 / ISIN: DE0005491666) today filed an application with Landshut Local Court to open insolvency proceedings due to over-indebtedness and insolvency. Endor AG's foreign companies are not affected by the application.

The attempt to restructure Endor AG in accordance with the German Company Stabilisation and Restructuring Act (StaRUG) has failed. The reason for this was the request by the former CEO and majority shareholder to convene an extraordinary general meeting in order to prevent a reorganisation under the StaRUG without presenting a viable alternative scenario.

At the same time, negotiations with the majority shareholder on a financial reorganisation involving all shareholders have been taking place in recent weeks. However, these negotiations had to be broken off without result due to unrealistic demands.

The strategic investor CORSAIR then decided not to make any further payments from the bridge financing, as the ongoing disruptions made a reorganisation under the StaRUG impossible. The lending banks have also rejected further financing due to the over-indebtedness.

The Management Board regrets that the negotiations with the strategic investor CORSAIR, which were already at an advanced stage, could not be finalised. A further open-ended process to rescue the company is now being initiated as part of the insolvency proceedings with the aim of reorganising the company and securing the Landshut site and jobs.

The Management Board is confident that the company will be taken over by an investor in the course of the insolvency proceedings; at the same time, the Management Board assumes that CORSAIR is still interested in acquiring Endor AG.