MIFA Mitteldeutsche Fahrradwerke AG
MIFA: District Court of Halle suspends self-administration
MIFA Mitteldeutsche Fahrradwerke AG / Key word(s): Insolvency MIFA: District Court of Halle suspends self-administration
Sangerhausen, 8 October 2014 – The District Court of Halle (Saale) ruled on 7 October to suspend the self-administration of MIFA Mitteldeutsche Fahrradwerke AG (German Securities Code / WKN: A0B95Y / ISIN: DE000A0B95Y8; “MIFA”) with immediate effect. This ruling was communicated to the company today. At the same time, the court decreed a preliminary insolvency administration. Prof. Dr. Lucas F. Flöther, the administrator of the insolvency proceedings under self-administration that were approved on 29 September, is to be the preliminary administrator with power of disposal pursuant to Paragraph 21 (2) Section 2, 1st Alternative of the German Insolvency Directive (InsO). The district court is thereby responding to the unanimous vote passed by the preliminary creditor committee in favour of a preliminary insolvency administration. Dr. Stefan Weniger, CRO at MIFA, commented on the court’s ruling: “We are looking forward to continuing to work together in a trusting and constructive manner with the administrator, the company’s boards, the preliminary creditor committee and all of MIFA’s other stakeholder groups. The instrument of a preliminary insolvency administration is an appropriate tool to ensure continuity and stability for our customers and suppliers, too. The district court also based its ruling on this aspect.” MIFA’s production and operating business meanwhile continue to run on an unaltered basis. Thomas Mayer, MIFA’s CEO since 1 October, comments: “Our customers as well as our employees are supporting MIFA. We are currently receiving extremely positive signals from important major customers regarding orders for the 2015 cycling season. We have just won a further important large-scale order over the past days. The positive trend on the market side forms a good basis for the company’s forthcoming industrial reorganisation.” The process of seeking investors will start soon. About the company: MIFA Mitteldeutsche Fahrradwerke AG, headquartered in Sangerhausen (Saxony-Anhalt), is Germany’s largest manufacturer of bicycles in terms of sales. The company offers a comprehensive range of bicycle models spanning entry price through to premium end. The components included in bicycle production are sourced from renowned suppliers and assembled at the company’s sole production site in Sangerhausen, Germany. Business in this context focuses on product-related order production for major retail chains and OEM (Original Equipment Manufacturer) customers. E-bikes have also been manufactured since 2011. MIFA produces e-bikes for automotive manufacturer smart, manufactures for the Deutsche Post bicycle fleet, and supplies communal lending systems with multi-user vehicles, among other customers. In 2012, MIFA acquired Berlin-based e-bike manufacturer Grace and Bavaria-based cult bicycle forging company Steppenwolf, thereby intensifying its sales activities via specialist dealers. MIFA sells its bicycles predominately on its domestic German market. Further sales markets are located mainly in Western Europe. Both the operating business and administration and logistics are managed at the company’s sole production location in Sangerhausen. MIFA has been a listed company since May 2004. Its shares are traded in the Prime Standard of the Regulated Market of the Frankfurt Stock Exchange. MIFA’s corporate bond is listed in the Entry Standard for bonds on the Frankfurt Stock Exchange. Contact: Mark Appoh 08.10.2014 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | MIFA Mitteldeutsche Fahrradwerke AG | |
Kyselhäuser Straße 23 | ||
06526 Sangerhausen | ||
Germany | ||
Phone: | 03464-5370 | |
Fax: | 03464-537251 | |
E-mail: | b.mirau@mifa.de | |
Internet: | www.mifa.de | |
ISIN: | DE000A0B95Y8, DE000A1X25B5 | |
WKN: | A0B95Y, A1X25B | |
Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, München, Stuttgart | |
End of News | DGAP News-Service |
290640 08.10.2014 |