Kögel Fahrzeugwerke AG
Kögel Fahrzeugwerke AG insolvency plan is the way out of the crisis
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————–
Kögel Fahrzeugwerke AG insolvency plan is the way out of the crisis
The executive board of Kögel Fahrzeugwerke AG has made an application for the
opening of a legal insolvency proceeding at the district court in Ulm on January
26, 2004.
The insolvency proceeding refers to following companies of the Kögel group:
Kögel Fahrzeugwerke AG, Ulm
Kögel Werdau GmbH & Co., Fahrzeugwerk, Werdau
NVG Nutzfahrzeug-Vermietung GmbH & Co. KG, Werdau.
In total there are affected 1.186 employees by the insolvency.
As temporary insolvency administrator, auditor Werner Schneider from Neu-Ulm has
been appointed.
end of ad-hoc-announcement (c)DGAP 26.01.2004
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
With the application for the insolvency proceeding at the district court in Ulm
there was submitted an insolvency plan, which will be the basis for the
restructuring process of the company.
Financial management restructuring measures are focusing on remissions of debts
by creditors, which will lead to a considerable liquidity release and will
strengthen the capital structure of the Kögel group.
The business management restructuring measures concentrate basically on the
optimization of the product range, the clear tightening of personnel and
management structures as well as on the concentration of the production at the
production site Burtenbach. For the production site Werdau, a market
corresponding production capacity is planned.
The insolvency plan is also considering to bring in the Cooler-production of
Chéreau, France, as capital payed in property into the new structured Kögel
Fahrzeugwerke AG.
SMB portfolio company, Munich, which has the majority interests of the Chéreau
shares, took over 19% of ordinary shares of the Kögel Fahrzeugwerke AG lately.
The portfolio company SMB, Schoeller, Metternich and Brennecke, is principally
willing to bring in fresh capital into the Kögel Fahrzeugwerke AG. Prerequisite
is the realization of the restructuring measures in agreement with the creditors
proposed with the insolvency plan.
After the fusion with Chéreau, the company plans to have a total turnover of
approximately 400 Mio. Euro for the first time in fiscal 2005.
Information: This insolvency proceeding does not include following companies of
the Kögel group: Kögel KAMAG Transporttechnik in Ulm, TRAILERdirekt in Ulm,
Kögel a.s. Chocen in the Czech Republic and Kögel Ges.m.b.H. in Marz, Austria.
Contact
Kögel Fahrzeugwerke AG, Investor Relations
phone: +49 731 9454 315
fax: + 49 731 9454 274
email: clarissa.lindenmayer@koegel.com
——————————————————————————–
WKN: 630073; ISIN: DE0006300734; Index:
Listed: Geregelter Markt Frankfurt (General Standard) und Stuttgart; Freiverkehr
in Berlin-Bremen
261329 Jän 04
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found