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Hess AG: Sales process well underway
Sale by means of an asset deal aspired / Claims for damages brought against former Managing Board / Finale restructuring concept is presented at the end of April
It is aimed at completing the sales process in the course of an asset deal. That implies selling the operative business as well as the fixed and current assets of Hess with the proceeds being available to the creditors for the satisfaction of their claims.
Due to the results of the internal special investigation and the confirmation of the accusations of manipulation, there is no other possibility from the perspective of the insolvency administrator. "No investor is willing", states Dr Grub, "to take an incalculable risk resulting from impending claims for damages by creditors and shareholders." Numerous tax problems beyond the impending claims for damages would make the continuation of the stock company considerably more difficult: "The new owners expect a company freed from the burden of the past", explains Dr Grub and adds that the asset deal aimed at was without alternative.
Enforcement of claims for damages processed
Meanwhile, first claims for damages were asserted by Hess AG. "The two former Managing Directors, Christoph Hess and Peter Ziegler, as well as the former sole shareholder of Hess Grundstücksverwaltungs GmbH & Co. KG were prompted in a first step to refund the costs of six million Euros resulting from the initial public offering", says Dr Grub. As the initial public offering was based on numbers which were verifiably incorrect, the former Managing Directors and the IPO operating majority shareholder Hess Grundstücksverwaltungs GmbH & Co. KG are obliged to compensate for the damage occurred.
Restructuring concept will be presented at the end of April
The restructuring concept currently being implemented is adjusted according to the results of the internal special investigation. A presentation of the finale restructuring concept takes place at the end of April. "All cost are on trial", states Managing Director Andreas R. Budde. A statement as to whether further measures in the area of human resources are to be expected cannot be made at this time. "We will consequently initiate and implement the measures that lead Hess towards higher ground and return business to sustainable profitability", explains Budde.
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