17 Dec 2014 07:00
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 BrokerTom Price / Irina Lomova | Tel: +44 20 7060 2220www.zaicf.com |