Ad-hoc | 14 February 2014 16:26
STADA Arzneimittel AG / Key word(s): Miscellaneous
14.02.2014 16:26
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Bad Vilbel, February 14, 2014 - The insolvency administrator of Velefarm
Holding and Velefarm VFB has taken legal action in Belgrade's commercial
court against Hemofarm A.D., a subsidiary of STADA Arzneimittel AG, and
Velefarm Prolek, a company of the Velefarm group. In the lawsuit, the
insolvency administrator demands that certain agreements and statements
from the years 2010 and 2011 reached between Hemofarm and the Serbian
wholesale group Velefarm with regard to the insolvent assets of Velefarm
Holding and Velefarm VFB be declared invalid and demands repayments to the
insolvent assets.
In September 2010, Hemofarm, Velefarm Holding and Velefarm VFB signed a
restructuring plan regarding Velefarm Holding and Velefarm VFB's
receivables held by Hemofarm. The intention of this restructuring plan was
to put Velefarm in a position to gradually repay the still outstanding
trade receivables held by Hemofarm over a period of several years (see ad
hoc release of September 28, 2010). The insolvency procedures of Velefarm
Holding and Velefarm VFB were initiated in the year 2012 and the same
insolvency administrator was appointed as representative of both companies.
In the lawsuit, the insolvency administrator claims that by completing this
restructuring plan and accessory agreements and actions, Hemofarm
disadvantages other creditors of Velefarm Holding and Velefarm VFB. In
addition, the insolvency administrator demands repayment of all advantages
received to the insolvent assets of Velefarm Holding and Velefarm VFB plus
interests and costs for legal proceedings.
In the statement of claim, these amounts are quantified with approximately
Euro 54.2 million (in local currency). However, it has to be taken into
consideration that Hemofarm as creditor of the insolvent assets would
retrieve a quota of the insolvent assets in a significant amount.
Hemofarm and STADA believe that the lawsuit is unfounded. The conditions
for the prejudicial treatment of creditors are not met in the present case.
The restructuring plan between Hemofarm, Velefarm Holding and Velefarm VFB
was implemented by Hemofarm in compliance with all legal provisions and
served for the restructuring of the Velefarm group and not the prejudicial
treatment of other creditors. In particular, the implementation of the
restructuring plan meant that Hemofarm, as one of the Velefarm group's
largest creditors, would have to make substantial write-offs (see ad hoc
releases from September 28, 2010 and September 21, 2011). In reaching this
assessment, Hemofarm is among others relying on an expert opinion from a
well-known local law office and will defend itself against this lawsuit
through all judicial authorities.
Additional information:
STADA Arzneimittel AG / Corporate Communications / Stadastraße 2-18 / D -
61118 Bad Vilbel /
Tel.: +49(0) 6101 603-113 / Fax: +49(0) 6101 603-506 / E-Mail:
communications@stada.de /
Or visit us in the Internet at www.stada.com.
14.02.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: STADA Arzneimittel AG
Stadastraße 2-18
61118 Bad Vilbel
Germany
Phone: +49 (0)6101 603- 113
Fax: +49 (0)6101 603- 506
E-mail: communications@stada.de
Internet: www.stada.de
ISIN: DE0007251803, DE0007251845,
WKN: 725180, 725184,
Indices: MDAX
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime Standard);
Freiverkehr in Berlin, Hamburg, Hannover, München, Stuttgart
End of Announcement DGAP News-Service
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