DGAP-News: Hess AG: Press statement of the insolvency administrator
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Hess AG: Press statement of the insolvency administrator
Dr Grub confirmed as insolvency administrator
Villingen-Schwenningen, 26th June, 2013 In the course of the insolvency proceedings of the company Hess AG Form + Licht, the meeting of creditors was held on 26th June, 2013, at Local Court of Villingen-Schwenningen. Stuttgart lawyer Dr Volker Grub was confirmed by a large majority in office as insolvency administrator by the well-attended and turbulent meeting with just under 50 creditors. The applications of Christoph Hess and six companies related to him to deselect Mr Dr Grub were rejected.
The creditors' committee, which was already installed by the court on 20th February, 2013, with Thomas Harbrecht (Euler Hermes Kreditversicherungs AG), Reiner Neumeister (Chief Authorised Representative and Managing Director of IG Metall Villingen-Schwenningen) and Frank Schulze (Ostschsische Sparkasse Dresden) was also elected.
Dr Grub identified liabilities relevant to the insolvency proceedings amounting to EUR 104,9 million. These include claims for damages from the shareholders on the occasion of going public on 25th October, 2012, with EUR 35,65 million and from the minority shareholder HPE Pro Institutional Fund B.V. Amsterdam with EUR 14,0 million. As determined by Dr Grub, the assets only amount to EUR 32,75 million resulting in an over-indebtedness of approx. EUR 72,1 million. Hence, one can only expect a quota of at most 16%. Provided, however, that the further processing continues favourably.
Dr Grub reported to the creditors' meeting that the balance sheets from the year 2007 onwards must be corrected due to false accounting. On the basis of the net income (earning after taxes) there is a need for correction so far in the amount of at least EUR 26,4 million for the years 2007 to 2012. These numbers were also confirmed by the auditing company Ebner Stolz Mnning Bachem. The net income for the financial year 2011 alone needs to be adjusted downwards by EUR 10,3 million.
The correction of balance sheets does not exclusively serve to correct the tax balance sheets and to reclaim paid taxes, but also serves as basis of liability with regard to the previous Management Board Christoph Hess and Peter Ziegler, supervisory board members and consultants when going public.
The continuation of book values of the former Management Board lead to a totally different result at the accounting date 30th April, 2013. Assets reached EUR 74,3 million while liabilities amount to EUR 33,6 million. The accounting so far even results in EUR 40,7 million equity capital. The significant differences arise from the claims for damages on the part of the shareholders with EUR 49,6 million, not considered liabilities of Hess AG for subsidiaries, associated companies and companies of the 'shadow world' with EUR 20,3 million as well as allowances for intangible assets and investments.
Meanwhile, Dr Grub is satisfied with the continuation of the company. The target figures are being reached. The income from the continuation of business operations covers the resulting expenses in full.
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DGAP-News: Hess AG: Press statement of the insolvency administrator