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Hightex Group PLC - Statement re. Suspension

RNS Number : 0953G
Hightex Group PLC
27 February 2015
 

27 February 2015

 

 

Hightex Group plc

 

("Hightex" or the "Company")

 

Update on German Court process

 

 

The Board of Hightex Group plc requests a temporary suspension of trading pending a further announcement which it will make as soon as practicable.

 

Further to the announcements of 19 November and 17 December 2014, concerning the 'Eigenverwaltung' process sanctioned by the German Court to restructure the main operating subsidiary, Hightex GmbH, the Directors are expecting today to receive the recommendations to the Court from the Chief Restructuring Officer on behalf of the creditors' committee concerning the resolution of the restructuring process.

 

As previously described, the Eigenverwartung procedure is a German legal process similar to Chapter 11 in the United States. The objective is the reorganisation and continuation of the subsidiary.

 

A further announcement of the recommendations, which will be subject to subsequent Court approval, will be made as soon as practicable.

 

 

 

 

For further information contact:

 

Hightex Group plc


Charles DesForges, Non-Executive Chairman

Tel: +49 8051 6888 200

Frank Molter, Chief Executive Officer

 

www.hightexworld.com

ZAI Corporate Finance Ltd


Nominated Adviser and Broker

Tom Price / Irina Lomova

Tel: +44 20 7060 2220

www.zaicf.com



 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Market: AIM
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