• - The administrator to date, Prof. Dr. Lucas F. Flöther, to be appointed preliminary insolvency administrator
  • Production and operating business continue to run on an unaltered basis, important major customers place further large-scale orders for 2015 bicycle season
  • Process of seeking investors to start soon

Sangerhausen, 8 October 2014 - The District Court of Halle (Saale) ruled on 7 October to suspend the self-administration of MIFA Mitteldeutsche Fahrradwerke AG (German Securities Code / WKN: A0B95Y / ISIN: DE000A0B95Y8; 'MIFA') with immediate effect. This ruling was communicated to the company today. At the same time, the court decreed a preliminary insolvency administration. Prof. Dr. Lucas F. Flöther, the administrator of the insolvency proceedings under self-administration that were approved on 29 September, is to be the preliminary administrator with power of disposal pursuant to Paragraph 21 (2) Section 2, 1st Alternative of the German Insolvency Directive (InsO).

The district court is thereby responding to the unanimous vote passed by the preliminary creditor committee in favour of a preliminary insolvency administration.

Dr. Stefan Weniger, CRO at MIFA, commented on the court's ruling: 'We are looking forward to continuing to work together in a trusting and constructive manner with the administrator, the company's boards, the preliminary creditor committee and all of MIFA's other stakeholder groups. The instrument of a preliminary insolvency administration is an appropriate tool to ensure continuity and stability for our customers and suppliers, too. The district court also based its ruling on this aspect.'

MIFA's production and operating business meanwhile continue to run on an unaltered basis. Thomas Mayer, MIFA's CEO since 1 October, comments: 'Our customers as well as our employees are supporting MIFA. We are currently receiving extremely positive signals from important major customers regarding orders for the 2015 cycling season. We have just won a further important large-scale order over the past days. The positive trend on the market side forms a good basis for the company's forthcoming industrial reorganisation.' The process of seeking investors will start soon.

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