Wien (pta033/09.12.2019/14:47) - The Management Board of Sanochemia Pharmazeutika AG (ISIN AT0000776307, ISIN DE00A1G7JQ9) will file an application for insolvency proceedings at the Vienna Commercial Court over the next few days due to imminent insolvency.
Due to the restriction of the GMP certificate as well as extensive economic burdens resulting from the past of the company, a liquidity gap has arisen in the company. This can not be covered by the cash flows from current operations, which has developed positively in recent months. The inclusion of external new investors has also proved impracticable in the current situation of the company.
The Management Board has taken several steps to improve operations during the year, including significant cost-cutting programs and a capital increase by the core shareholder earlier this year. Despite these measures, as well as increased incoming orders in recent months, there has been no common, out-of-court solution due to the heterogeneous interests of the creditors.
Since the restructuring talks conducted by the Management Board with the largest creditors of the Company could not be brought to a positive conclusion, there is no alternative to judicial insolvency proceedings in the view of SANOCHEMIA.
For further information please contact:
|emitter:||SANOCHEMIA Pharmazeutika AG|
|contact person:||Bettina Zuccato|
|phone:||+43 1 3191456-336|
|stock exchanges:||free market in Dusseldorf, basic board in Frankfurt, free market in Hamburg, free market in Munich, free market in Stuttgart; direct market plus in Vienna; open market in Berlin|