Vivanco Gruppe AG

Legal Proceedings Report • May 20, 2003

News Details

Ad-hoc | 20 May 2003 20:03

Vivanco Gruppe AG english

Ahrensburg works council supports Vivanco concept, no support from Trappenkamp Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Ahrensburg works council supports structural concept of Vivanco Gruppe, negative response in Trappenkamp Ahrensburg, 20 May 2003: The works council of Vivanco Gruppe AG at the Ahrensburg site has approved the balance of interests and social compensation plan proposed by the management and based on the structural concept developed jointly with Roland Berger. Prior to this, investors had declared their readiness to support realignment with debt extinguishment totalling 23.6 million Euros. The employees’ representatives at the Trappenkamp site, however, are not prepared to support the structural concept and the associated personnel measures. Due to the transfer of production capacities to the Far East, concentration on the “Vivanco” brand launched on international markets and the discontinuation of the “Freitag” brand by October 2003 the Trappenkamp site in particular is affected by staff reductions. The company’s factoring partner, which has been providing advance financing for part of Vivanco’s accounts receivable for several years, reacted to this development by adjusting its factoring terms. This now places a burden on the Group’s liquidity situation. The management are currently looking into possible ways of achieving the goals of the structural concept as planned. end of ad-hoc-announcement (c)DGAP 20.05.2003 ——————————————————————————– WKN: 760290; ISIN: DE0007602906; Index: Listed: Amtlicher Markt in Frankfurt (General Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, München und Stuttgart 202003 Mai 03