Hightex Group PLC Update on German Court process (9814Z)

TIDMHTIG

RNS Number : 9814Z

Hightex Group PLC

17 December 2014

Hightex Group plc

("Hightex" or the "Company")

Update on German Court process

Further to the statement issued on November 19th, the Company announces that the German courts have approved the application by Hightex GmbH, the principal operating subsidiary of Hightex Group plc, 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 process will now actively involve Mr. Joerg Spies, an experienced lawyer and consultant for restructuring procedures in this field, who joined the management team of Hightex GmbH as Chief Restructuring Officer (CRO) on November 18th.

The Eigenverwaltung procedure is solely concerned with Hightex GmbH.

Charles DesForges, Non-Executive Chairman of Hightex, commented:

"We are pleased that the German court has approved the Eigenverwaltung procedure, as the board believes that this is the best course of action to reduce debt levels of the operating subsidiary. We will keep shareholders fully informed as to progress".

For further information contact:

 
Hightex Group plc 
Charles DesForges, Non-Executive Chairman  Tel: +49 8051 6888 200 
Frank Molter, Chief Executive Officer      www.hightexworld.com 
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

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