Ad-hoc | 15 July 2003 20:30

Vivanco Gruppe AG english

Debt extinguishments pave the way for successful reorientation Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Debt extinguishments pave the way for successful reorientation Ahrensburg, 15 July 2003: As part of the implementation of the structural concept developed jointly for Vivanco Gruppe AG with the Roland Berger business consultancy, the pool banks and other major creditors have waived debts totalling EUR 15.4 million and declared waivers of priority with conditional debt extinguishments for further credit claims totalling EUR 7.3 million. The total contribution of the financial partners thus amounts to EUR 22.7 million. Debtor warrant agreements have been made with all waiver creditors according to which the original claims are revived in the event of improvement, in particular if Vivanco Gruppe AG records a net profit for the year, equivalent to up to 50% of that net profit. For other remaining credit claims and credit lines a uniform recovery interest rate, effective as from 1 May 2003, has been agreed with the creditor banks for the year 2003. Due to continuing poor consumer demand in Germany and abroad the Board of Management of Vivanco Gruppe AG has decided to considerably accelerate the restructuring measures currently underway in order to be able to restore Vivanco’s former earnings strength despite the difficult market situation. Thanks to the measures implemented to date the long-term liquidity and balance sheet situation of Vivanco Gruppe AG has been substantially improved and the successfully initiated recovery has been brought a major step forward. end of ad-hoc-announcement (c)DGAP 15.07.2003 ——————————————————————————– WKN: 760290; ISIN: DE0007602906; Index: Listed: Amtlicher Markt in Frankfurt (General Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, München und Stuttgart 152030 Jul 03