DGAP-Adhoc: Loewe AG: Loewe AG applies for 'Schutzschirmverfahren' (creditors' protection proceedings under its own administration)

Loewe AG / Key word(s): Miscellaneous

16.07.2013 09:50

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

Kronach, 16 July 2013. - The Executive Board of Loewe AG has decided to
submit an application with Coburg Local Court for Loewe AG and its
subsidiary Loewe Opta GmbH to start 'Schutzschirmverfahren' (creditors'
protection proceedings under its own administration) to assist the company
in implementing its restructuring programme and its new corporate strategy
more quickly. All other subsidiaries in Germany and elsewhere will continue
to operate as normal and will not be involved in the proceedings. After
receiving approval for the proceedings, Loewe will continue to be managed
by its Executive Board and can use the opportunities offered by the new
'Schutzschirmverfahren' (creditors' protection proceedings) to restructure
the company. The business at the Kronach site will continue without any
restrictions.

The instrument of 'Schutzschirmverfahren' (creditors' protection
proceedings), which was created by the Law concerning Further
Simplifications for Restructuring Companies (ESUG) which came into force on
1 March 2012, is designed to allow Loewe to restructure the company under
its own administration on the basis of a sustainable and future-looking
concept. During the 'Schutzschirm' phase which lasts three months, Loewe is
protected from enforcement and other action by creditors whilst remaining
100% capable of trading. The aim of the Executive Board is to restructure
Loewe in cooperation with strategic partners and investors. The radical
revision of the company's value addition and positioning strategy which has
already been started will be at the forefront of its activities.

---------------------------------------------------------------------------

Information and Explaination of the Issuer to this News:

Contacts:

Loewe AG
Industriestrasse 11
96317 Kronach
Germany
Investor Relations, Axel Gentzsch
Phone: +49 (0)9261 99-240
Fax: +49 (0)9261 99-994
Mail: axel.gentzsch@loewe.de

Public Relations, Dr. Roland Raithel
Phone: +49 (0)9261 99-217
Fax: +49 (0)9261 99-444
Mail: roland.raithel@loewe.de

---------------------------------------------------------------------------

Language: English
Company: Loewe AG
Industriestrasse 11
96317 Kronach
Germany
Phone: +49 (0)9261 99-984
Fax: +49 (0)9261 99-994
E-mail: ir@loewe.de
Internet: www.loewe.de
ISIN: DE0006494107
WKN: 649410
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart

End of Announcement DGAP News-Service

---------------------------------------------------------------------------