Loewe AG : Ad-hoc announcement

Loewe AG applies for 'Schutzschirmverfahren' (creditors' protec-tion proceedings under its own administration)

Kronach, 16 July 2013. - The Executive Board of Loewe AG has decided to submit an appli-cation 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 strat-egy 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 pro-ceedings, Loewe will continue to be managed by its Executive Board and can use the oppor-tunities offered by the new 'Schutzschirmverfahren' (creditors' protection proceedings) to restructure the company. The business at the Kronach site will continue without any re-strictions.

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 com-pany 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 enforce-ment 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 al-ready been started will be at the forefront of its activities.