euro adhoc: GARANT SCHUH + MODE AG / Insolvency Trustee announces quick resumption of central settlement (E)

Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.

GARANT SCHUH + MODE AG will resume its core business, the central settlement, as of the 25th decade. This is the result of intensive negotiations that the company’s preliminary insolvency trustee, Friedrich-Wilhelm Metzeler, has led with all parties involved over the last few days. An agreement with the credit insurers was reached at the beginning of the week. On Tuesday, an arrangement with the banks that are most important to GARANT’s core business was achieved. Subject to certain approvals, the banks grant an insolvency loan of Euro 15 million. The consortium of banks has announced its final decision for the weekend.
In the insolvency proceedings for GARANT, the formal opening is expected for early December. The creditors meeting will most probably convene by the mid-February 2005.

Further inquiry note:
Jenny Bleilefens
Investor Relations
Telefon: +49(0)211-3386-311
Tel: +49(0)211-3386-0
FAX: +49(0)211 3386 297

Emittent: GARANT SCHUH + MODE AG Elisabethstrasse 70 DE-40217 Düsseldorf Tel: +49(0)211-3386-0 FAX: +49(0)211 3386 297 Email: WWW: ISIN: DE0005853030 WKN: 585303 Indizes: CDAX, Classic All Share, Prime Standard Börsen: official dealing Börse Düsseldorf, Frankfurter

end of announcement euro adhoc

Wertpapierbörse; free trade Berliner Wertpapierbörse, Bayerische Börse, Hamburger Wertpapierbörse, Bremer Wertpapierbörse (BWB), Baden-Württembergische Wertpapierbörse
Branche: Consumer Goods
Sprache: Englisch