Hess AG
Hess AG: Filings for insolvency
Hess AG / Key word(s): Insolvency 13.02.2013 11:59 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Hess AG: Filings for insolvency After intensive examinations, the management board came to the conclusion that Hess AG (ISIN: DE000A0N3EJ6) is illiquid, has no positive prognosis of the continuation of the enterprise and the company is, according to the current status of examinations, over-indebted. The management board will, as a result, file an application for insolvency with the competent local court (insolvency court). As well, the management of Hess Lichttechnik GmbH, a 100 per cent subsidiary of Hess AG, will file an application for insolvency because of illiquidity. Hess AG is illiquid. The available moneys of Hess AG are not sufficient to meet the mature obligations to pay of Hess AG. One of the main reasons for illiquidity is that the major stockholder, Hess Grundstücksverwaltungs GmbH & Co. KG, does not fulfill due (in the view of Hess AG) obligations vis-à-vis the Hess group and is not willing to make sufficient contributions for the restructuring of the company. Because of negative cash flows (before financing) oft he company since 2009 the financing of the enterprise of the company for the current and next fiscal year is not secured. Because of uncertainties with regard to possible suits of investors there are no sufficient chances for acquisition of new equity or debt capital from investors. As a result, there is a negative positive prognosis of the continuation of the enterprise with regard to the company. It is envisaged to re-structure the operative business of the company within the insolvency proceedings. Villingen-Schwenningen, 13. February 2013 Management Board 13.02.2013 DGAP's 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: Hess AG Lantwattenstraße 22 78050 Villingen-Schwenningen Germany Phone: +49 7721 920 0 Fax: +49 7721 920 250 E-mail: hess@hess.eu Internet: www.hess.eu ISIN: DE000A0N3EJ6 WKN: A0N3EJ Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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