Flensburg, 2 March 2018, Beate Uhse Aktiengesellschaft (ISIN DE0007551400, WKN 755140) announced that the local court of Flensburg has opened insolvency proceedings as debtor-in-possession proceedings over the assets of Beate Uhse AG (case no. 56 IN 230/17), in accordance with the respective motion that was filed on 15 December 2017.
In addition, the court appointed Dr. Sven-Holger Undritz of White & Case as custodian, he had already been acting as preliminary custodian. The existing preliminary creditors‘ committee will also be continued in its current composition. The company’s creditors are requested to file their claims with the Custodian in writing by 20 March 2018. The date for the creditors‘ meeting in the form of a report and verification meeting is scheduled for Wednesday, 04 April 2018 at 10.30 a.m. at the local court in Flensburg.
The business operations of the respective Beate Uhse companies will continue to operate in full, as before. The members of the management board, Michael Specht (CEO) and Thomas Kresse (CRO), will continue to perform their functions during the debtor-in-possession proceedings. In the context of the dual track process that the company systematically pursues, the aim is to carry out the reorganisation of the company by a sale of the company in parallel to the continuation solution as part of insolvency plan proceedings. Moreover, the company will continue to be advised by the general representatives Justus von Buchwaldt and Dr. Georg Bernsau (BBL Bernsau Brockdorff & Partner).
About Beate Uhse AG:
Beate Uhse was founded in 1946 and is a European erotic company with around 345 employees (FTE) in seven countries. Beate Uhse stands for over 70 years of experience and expertise in the erotic industry and has a very high brand recognition. The focus is on B2C, which is covered by two central sales channels – e-commerce and stationary retail – and which are closely interlinked as part of the cross-channel strategy. The Beate Uhse share (XETRA: USE. DE) has been listed on the Frankfurt Stock Exchange since May 1999. More information can be found at www.beate-uhse.ag.
BBL is one of the leading law firms with an exclusive focus on reorganisation, restructuring and insolvency. The firm has extensive experience in complex restructuring projects both within and outside insolvency proceedings. More than 50 lawyers work at BBL in Germany and in London.
Further information: www.bbl-law.de
BBL Bernsau Brockdorff & Partner Attorneys at Law
Dr. Georg Bernsau
Phone: +49 69 963761-130 – Fax: +49 69 963761-145