ABOEANS-Adhoc: Four subsidiaries of Vivacon AG filed for insolvency
-------------------------------------------------------------------------------- ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------------
18.06.2009
Four subsidiaries of the group of Vivacon AG (ISIN 000604 8911) filed for insolvency at the local court in Cologne. The subsidiaries are Vivacon Immobilienportfolio XVI./2006 GmbH & Co. KG, Vivacon Immobilienportfolio III./2007 GmbH & Co. KG, Vivacon Immobilienportfolio V./2007 GmbH & Co. KG and Vivacon Immobilienportfolio VII./2007 GmbH & Co. KG. The reason is the illiquidity of the subsidiaries. There is liquidity gap, which cannot be bridged in the short time according to current forecast of the management. The liquidity gap resulted from high vacancy rates of the real estate assets due to the location.
The four subsidiaries are only focused on residential properties in Salzgitter and Kassel. Affected are almost 4,000 residential units of approximately 10,000 residential units of the Vivacon group.
The insolvency was filed in the context of the current restructuring efforts and serve to safeguard liquidity of the Vivacon group. A well-known auditing company was mandated to prepare a restructuring opinion.
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Further inquiry note:
Sven Annutsch Tel. ++49(0)221 130 5621-630 Email: sven.annutsch@vivacon.de Branche: Real Estate ISIN: DE0006048911 WKN: 604891 Index: SDAX, CDAX, Classic All Share, Prime All Share, DAX International 100 Börsen: Frankfurt / regulated dealing/prime standard Berlin / free trade Hamburg / free trade Stuttgart / free trade Düsseldorf / free trade München / regulated dealing
