Zug, Switzerland, 12 March 2021
The Board of Directors of iQ International AG, Zug, Switzerland (the "Company") has decided to file a request for a provisional composition moratorium (provisorische Nachlassstundung) with the competent court in Switzerland.
The background of this is a potential over-indebtedness of the Company, as the negotiations on a financing are proving to be more time-consuming than originally expected. The Board of Directors assumes that the Company is capable of being successfully financed and restructured.
It is expected that the competent court will appoint a commissioner (Sachwalter) who will oversee the Company's business activities in cooperation with Company management and manage the debt restructuring proceedings.
The subsidiaries of iQ International AG are not included in the application for composition moratorium.