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27 Feb 2015 11:49
27 February 2015
Hightex Group plc
("Hightex" or the "Company")
Update on German Court process
The Board of Hightex Group plc requests a temporary suspension of trading pending a further announcement which it will make as soon as practicable.
Further to the announcements of 19 November and 17 December 2014, concerning the 'Eigenverwaltung' process sanctioned by the German Court to restructure the main operating subsidiary, Hightex GmbH, the Directors are expecting today to receive the recommendations to the Court from the Chief Restructuring Officer on behalf of the creditors' committee concerning the resolution of the restructuring process.
As previously described, the Eigenverwartung procedure is a German legal process similar to Chapter 11 in the United States. The objective is the reorganisation and continuation of the subsidiary.
A further announcement of the recommendations, which will be subject to subsequent Court approval, will be made as soon as practicable.
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 Tom Price / Irina Lomova | Tel: +44 20 7060 2220 www.zaicf.com |
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