Gontard & MetallBank AG i.I.
Gontard & Metallbank AG english
Gontard & MetallBank AG gives notice of overindebtedness
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————–
– Gontard & MetallBank AG gives notice of overindebtedness
Frankfurt/Main, 14 May 2002 – Today, Gontard & MetallBank AG gave notice of
overindebtedness, pursuant to section 46b of the German Banking Act to the
German Federal Financial Services Supervisory Authority (“Bundesanstalt für
Finanzdienstleistungsaufsicht” – “BAFin”). In line with the provisions of the
German Banking Act, the BAFin will examine whether to initiate insolvency
proceedings and, if necessary, file an application for such proceedings with
the Frankfurt District Court (“Amtsgericht Frankfurt am Main”).
Following an ad-hoc disclosure published on 3 May 2002, in which Gontard &
MetallBank AG had announced that it would issue a notice pursuant to section 92
(1) of the German Stock Corporation Act (giving notice of losses amounting to
50% of the issued share capital), on 6 May 2002 the BAFin took measures pursuant
to section 46a (1) of the German Banking Act by issuing a temporary ban on
sales and payments by the bank.
Although this moratorium was designed to allow Gontard & MetallBank AG to
continue the restructuring process it had embarked upon, with a view to
restoring orderly and profitable business operations, it had material negative
consequences for the bank. These included forced closeouts as a result of the
bank’s inability to settle pending foreign exchange forward transactions,
involving significant risks, and the shift of major securities deposit account
holdings to third-party banks. At the same time, the bank had to bear the on-
going costs of its operations. The moratorium also prompted two investors, who
had indicated a serious interest in acquiring a majority stake in Gontard &
MetallBank AG, to abort the negotiations.
Gontard & MetallBank AG is a member of the Joint Fund for Securing Customer
Deposits (Einlagensicherungsfonds) operated by the Association of German Banks,
and of the German Banks Compensation Fund (Entschädigungseinrichtung deutscher
Banken GmbH). Together, these institutions protect deposits up to an aggregate
amount of EUR 12.09 million per depositor. Aggregate customer deposits with
Gontard & MetallBank AG amount to approx. EUR 800 million.
Contact: Gontard & MetallBank AG – Investor Relations – Nicolas Lissner – Phone:
+49 (69) 71908-210 – E-mail: info@gmag.de http://www.Gontard-MetallBank.com
end of ad-hoc-announcement (c)DGAP 14.05.2002
——————————————————————————–
WKN: 589050; ISIN: DE0005890503; Index: SDax
Listed: Amtlicher Handel in Frankfurt (SMAX); Freiverkehr in Berlin, Düsseldorf,
Hamburg, Hannover, München und Stuttgart.
142159 Mai 02
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found