Hightex Group PLC Financial update (3923X)
19 Novembre 2014 - 9:00AM
UK Regulatory
TIDMHTIG
RNS Number : 3923X
Hightex Group PLC
19 November 2014
19 November 2014
Hightex Group plc
("Hightex" or the "Company")
Hightex GmbH, the principal operating subsidiary of Hightex
Group plc, has submitted an application to the German courts for
'personal management', a German legal process also known as 'debtor
in possession' ('Eigenverwaltung'). The 'Eigenverwaltung' procedure
is similar to a Chapter 11 procedure in the United States. The
objective is the reorganisation and continuation of the
subsidiary.
The Management of Hightex GmbH has taken this decision since,
despite the very considerable efforts of Hightex GmbH, it has not
been able to conclude a final solution for the consequences of the
fraud committed by the management of the Brazilian JV company. The
insurance claim has been partially paid by Euler Hermes but has not
been fully resolved with Allianz.
Mr. Joerg Spies, an experienced lawyer and consultant for
restructuring procedures in this field, will reinforce the
management team of Hightex GmbH as Chief Restructuring Officer
(CRO). The responsible court in Germany has agreed to this
procedure.
The Eigenverwaltung procedure does not currently affect other
Group subsidiaries.
The Board will continue its discussions with the TCA's
representative about the TCA loan, in light of the Eigenverwaltung
procedure.
Charles DesForges, Non-Executive Chairman of Hightex,
commented:
"The board believes that this is the best course of action to
reduce debt levels and to manage the financial consequences of the
fraud in Brazil. We will keep shareholders fully informed as to
progress".
For further information contact:
Hightex Group plc
Charles DesForges, Non-Executive Tel: +49 8051 6888
Chairman 200
Frank Molter, Chief Executive www.hightexworld.com
Officer
ZAI Corporate Finance Ltd
Nominated Adviser and Broker Tel: +44 20 7060 2220
Tom Price / Irina Lomova www.zaicf.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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