from Fox E-mobility AG (isin : DE000A2NB551)
EQS-Adhoc: fox e-mobility AG: provisional debt restructuring moratorium of Fox Automotive Switzerland AG
EQS-Ad-hoc: fox e-mobility AG / Key word(s): Corporate Action/Legal Matter
fox e-mobility AG: provisional debt restructuring moratorium of Fox Automotive Switzerland AG
01-Nov-2024 / 17:10 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The Board of Directors of fox e-mobility AG announces:
1. A provisional debt restructuring moratorium has been put in place for the Swiss subsidiary "Fox Automotive Switzerland AG". This will initially provide Fox Automotive Switzerland AG with creditor protection until February 14, 2025, in order to carry out a restructuring. This measure will also secure the subsidiary's assets, which mainly consist of patents, trademark design and construction data from MIA. The moratorium was approved by the relevant Swiss court and will be monitored by a court appointed independent professional.
2. The moratorium had become necessary in order to avoid insolvency caused by the suspension of liquidity support provided by fox e-mobility AG as the parent company. The suspension of liquidity support was caused by the ongoing default of the US/Korean investor.
3. The operational business of Fox Automotive Switzerland AG and thus the vehicle development are not affected by this provisional measure.
4. As a consequence of the moratorium, and based on principle of accounting prudence, a significant impairment loss with regard to the current book value of the subsidiary (EUR 73.5 million) needs to be accounted for at this point. This loss is likely to amount to more than 50% of the current book value of the share capital and will require the convening of an extraordinary general meeting and capital measures.
5. The company will prepare an interim balance sheet as of 31 October 2024.
6. The submission of the audited annual financial report for the financial year 2023 will be postponed and a new date will be announced shortly.
End of Inside Information
01-Nov-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: | English |
Company: | fox e-mobility AG |
Königsallee 61 | |
40215 Düsseldorf | |
Germany | |
Internet: | www.fox-em.com |
ISIN: | DE000A3EX222 |
WKN: | A3EX22 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg |
EQS News ID: | 2021189 |
End of Announcement | EQS News Service |
2021189 01-Nov-2024 CET/CEST