PixelNet AG (Neuer Markt: PXN): englisch
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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PixelNet AG (Neuer Markt: PXN)
- Subsidiary PHOTO PORST AG initiates insolvency proceedings
- New Supervisory Board is formed
- Dr. Gerhard Köhler named new CEO at PixelNet AG
Wolfen, 24. June 2002 - The Board of PHOTO PORST AG, a one hundred percent
subsidiary of PixelNet AG (Neuer Markt: PXN), has initiated today - after an
extensive and thorough appraisal of the business and finance climate - an
insolvency proceeding with the District Court at Nuremberg due to threatening
illiquidity. The Company is expecting the appointment of a temporary insolvency
trustee. The goal is to find a solution which allow jobs, to be preserved and
suppliers and customer relations to be maintained.
In the last few months, intensive negotiations with perspective partners and
investors have been conducted without reaching an agreement. With a background
of sinking revenues, the additional financial requirements needed to
successfully continue the restructuring and expansion of the digital sector of
the film business can not be guaranteed in the current financial climate.
The business and financial impact of the PHOTO PORST insolvency on PixelNet AG
will be thoroughly scrutinized in the next few days under the leadership of
Dr. Gerhard Köhler, who has been named the new Chairman of the Management Board
by the Supervisory Board of PixelNet AG. Dr. Köhler has held the position of
Chief Financial Officer since December 31, 2001 and now replaces the recently
resigned Matthias Sawatzky as Chairman.
In addition to the Chairman of the Management Board, the new Supervisory Board
elected during the constitutive conference in Wolfen Dr. Ulrich Franz as
Chairman for the Supervisory Board and Dr. Frank-Werner Andreas as acting
Supervisory Board Chairman. Dr. Franz was previously the acting Chairman of the
Supervisory Board.
The District Court in Dessau had previously appointed by decree Dr. Frank-Werner
Andreas und Dr. Frank Hartmann to the Supervisory Board at PixelNet AG. They
will replace Dr. Klaus-Dieter Höh - the former Chairman - and Günther Bocks, who
in the previous weeks resigned from their positions on the Supervisory Board.
The Supervisory Board has, thereby, once again, achieved a quorum and will
advise and assist the Management Board in the upcoming structural changes of the
Group as well as in future investment negotiations regarding PixelNet AG.
end of ad-hoc-announcement (c)DGAP 24.06.2002
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WKN: 527980; ISIN: DE0005279806; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
241642 Jun 02
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
--------------------------------------------------
PixelNet AG (Neuer Markt: PXN)
- Subsidiary PHOTO PORST AG initiates insolvency proceedings
- New Supervisory Board is formed
- Dr. Gerhard Köhler named new CEO at PixelNet AG
Wolfen, 24. June 2002 - The Board of PHOTO PORST AG, a one hundred percent
subsidiary of PixelNet AG (Neuer Markt: PXN), has initiated today - after an
extensive and thorough appraisal of the business and finance climate - an
insolvency proceeding with the District Court at Nuremberg due to threatening
illiquidity. The Company is expecting the appointment of a temporary insolvency
trustee. The goal is to find a solution which allow jobs, to be preserved and
suppliers and customer relations to be maintained.
In the last few months, intensive negotiations with perspective partners and
investors have been conducted without reaching an agreement. With a background
of sinking revenues, the additional financial requirements needed to
successfully continue the restructuring and expansion of the digital sector of
the film business can not be guaranteed in the current financial climate.
The business and financial impact of the PHOTO PORST insolvency on PixelNet AG
will be thoroughly scrutinized in the next few days under the leadership of
Dr. Gerhard Köhler, who has been named the new Chairman of the Management Board
by the Supervisory Board of PixelNet AG. Dr. Köhler has held the position of
Chief Financial Officer since December 31, 2001 and now replaces the recently
resigned Matthias Sawatzky as Chairman.
In addition to the Chairman of the Management Board, the new Supervisory Board
elected during the constitutive conference in Wolfen Dr. Ulrich Franz as
Chairman for the Supervisory Board and Dr. Frank-Werner Andreas as acting
Supervisory Board Chairman. Dr. Franz was previously the acting Chairman of the
Supervisory Board.
The District Court in Dessau had previously appointed by decree Dr. Frank-Werner
Andreas und Dr. Frank Hartmann to the Supervisory Board at PixelNet AG. They
will replace Dr. Klaus-Dieter Höh - the former Chairman - and Günther Bocks, who
in the previous weeks resigned from their positions on the Supervisory Board.
The Supervisory Board has, thereby, once again, achieved a quorum and will
advise and assist the Management Board in the upcoming structural changes of the
Group as well as in future investment negotiations regarding PixelNet AG.
end of ad-hoc-announcement (c)DGAP 24.06.2002
--------------------------------------------------
WKN: 527980; ISIN: DE0005279806; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
241642 Jun 02
