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Project update

12 May 2010 12:39

RNS Number : 7876L

Engel East Europe N.V.

12 May 2010

Engel East Europe N.V.

Project Update

12 May 2010 - Further to the announcement made on 6 January 2010, Engel East Europe N.V., the AIM-listed Central and Eastern European property developer (EEE:L), today announces that it has been informed that the court of first instance in Hungary (the Metropolitan Court) has determined Engel-Projekt Kft. insolvent and rendered the commencement of the liquidation procedure.

There is no recourse under the bank loan to the parent company, Engel East Europe N.V. Arces International B.V ("Arces"), a joint venture, in which the Company has 50% shareholding, has signed a guarantee in respect of a bank loan received by Engel Projekt Kft, which owns the Gyor project in Hungary, for a total of approximately €11.8 million. Based on the Company's best knowledge this guarantee may be disputed.

END

Enquiries:

Engel East Europe N.V.	Tel: +972 (9) 970 7004
Samuel Hibel

Libertas Capital Corporate Finance Limited	Tel: +44 (0) 20 7569 9650
Sandy Jamieson

Bankside Consultants	Tel: +44 (0) 20 7367 8888
Simon Bloomfield or Andy Harris

This information is provided by RNS

The company news service from the London Stock Exchange

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MSCLLFVLERIFLII

Date		Source	Headline
11th Mar 2008	7:02 am	RNS	Final Results
25th Jan 2008	7:00 am	RNS	Trading Statement
20th Dec 2007	7:01 am	RNS	Project Troja Update
28th Nov 2007	8:47 am	RNS	Belgrade Marina Update
23rd Nov 2007	7:01 am	RNS	Result of EGM
19th Nov 2007	6:14 pm	RNS	Holding(s) in Company
29th Oct 2007	7:01 am	RNS	Directorate Change
28th Aug 2007	3:24 pm	RNS	Credit Rating
20th Aug 2007	4:15 pm	RNS	Directorate Change
20th Aug 2007	4:04 pm	RNS	Interim Results
17th Aug 2007	4:41 pm	RNS	(Rule 26)
16th Aug 2007	1:16 pm	RNS	Directorate Change
23rd Jul 2007	7:01 am	RNS	Directorate Change
21st Jun 2007	4:06 pm	RNS	Romanian Project Update
5th Jun 2007	2:47 pm	RNS	Directorate Change
23rd Apr 2007	7:02 am	RNS	Investment in Krakow
5th Apr 2007	11:41 am	RNS	Holding(s) in Company
5th Apr 2007	11:33 am	RNS	Holding(s) in Company
29th Mar 2007	3:59 pm	RNS	Dividend Declaration
23rd Mar 2007	7:01 am	RNS	Final Results
1st Mar 2007	7:03 am	RNS	Director/PDMR Shareholding
12th Feb 2007	1:18 pm	RNS	Holding(s) in Company
5th Feb 2007	1:05 pm	RNS	Re agreement
8th Jan 2007	9:36 am	RNS	Re Agreement
1st Dec 2006	7:01 am	RNS	Re Agreement
14th Sep 2006	7:01 am	RNS	New Project in Romania
29th Aug 2006	11:00 am	RNS	Re Agreement
21st Aug 2006	7:01 am	RNS	Interim Results
16th Aug 2006	7:00 am	RNS	Re Agreement
15th Aug 2006	11:42 am	RNS	Notice of Results
31st Jul 2006	10:39 am	RNS	Announcement of MOU
24th Jul 2006	11:09 am	RNS	New project in Romania
13th Jul 2006	7:00 am	RNS	Terms of Agreement
12th Jun 2006	3:10 pm	RNS	Annual Report and Accounts
25th May 2006	7:00 am	RNS	Re Agreement
15th May 2006	12:19 pm	RNS	Re Agreement
25th Apr 2006	10:27 am	RNS	Re Dividend
11th Apr 2006	7:00 am	RNS	Re Agreement
28th Mar 2006	7:04 am	RNS	Final Results
21st Mar 2006	8:00 am	RNS	Notice of Results
23rd Feb 2006	10:12 am	RNS	Bid win in Serbia
30th Jan 2006	2:36 pm	RNS	Holding(s) in Company
30th Jan 2006	8:00 am	RNS	Re Agreement
19th Jan 2006	11:12 am	RNS	Holding(s) in Company
30th Dec 2005	7:00 am	RNS	Financial Agreement
15th Dec 2005	8:00 am	RNS	Pricing and Listing on AIM

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