euro adhoc: Das Werk AG / Bankruptcy / DAS WERK AG has filed an application to start insolvency proceedings (E)
---------------------------------------------------------------------
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
---------------------------------------------------------------------
The management board of DAS WERK AG has filed an application to start insolvency proceedings at the Amtsgericht Frankfurt (the Local Court of Frankfurt am Main). Dr. Lessing, Frankfurt, has been appointed as the preliminary insolvency administrator.
The application concerns only the publicly quoted holding company (the AG). The subsidiaries are not directly affected by the application. The application does not concern the das werk postproduction companies, which will continue to run their business unchanged. Magic Video in Hamburg as well as all foreign subsidiaries in the segments postproduction (CFX, das werk Zurich, EnEfecto, Glassworks), film production (FFP Media, Promark Entertainment, Road Movies) and animation (Trixter) are not included in the application and therefore are not directly affected by the application.
The sale of interests in companies held by DAS WERK AG is planned to be continued. As announced in August 2002 the das werk postproduction companies will be merged in a new incorporation. The character of the incorporation and the scope of the future business will have to be discussed between the preliminary insolvency administrator of the holding company DAS WERK AG, banks and management.
end of announcement euro adhoc 06.11.2002
---------------------------------------------------------------------
Further inquiry note: Herr Wolfgang Borgfeld, Das Werk AG, E-Mail: presse@das-werk.de
Branche: Media ISIN: DE0005412001 WKN: 541200 Börsen: Baden-Württembergische Wertpapierbörse / free trade Bayerische Börse / free trade Berliner Wertpapierbörse / free trade Börse Düsseldorf / free trade Hamburger Wertpapierbörse / free trade Niedersächsische Börse zu Hannover / free trade Frankfurter Wertpapierbörse / Neuer Markt
