Sangerhausen, 29 September 2014 - The board of management of MIFA Mitteldeutsche Fahrradwerke AG (WKN: A0B95Y / ISIN: DE000A0B95Y8; 'MIFA') filed an application today to open insolvency proceedings in self-administration pursuant to Section 270a of the Insolvenzordnung (insolvency code) InsO with the relevant district court of Halle (Saale) to enable it to continue the restructuring process of MIFA itself. The operative business of MIFA remains unaffected and will continue as planned.
An essential part of the basic agreement that was concluded on 22 August with OPM Global B.V., a subsidiary of the Indian bicycle manufacturer Hero Cycles Ltd. and One Square Advisory Services GmbH, the joint representative of all bond creditors of the MIFA bond 2013/18 (WKN: A1X25B / ISIN: DE000A1X25B5), to financially restructure MIFA could not be implemented as pledged. In view of this, the board of management of MIFA decided today to apply for insolvency proceedings in self-administration to continue the restructuring process of MIFA on its own and ensure trouble-free continuation of operative business.
Provided that the district court consents to the application for self-administration, the MIFA board of management will be provided with a preliminary custodian (Sachwalter). Business responsibility remains in the hands of the board of management and the present sole managing director, Dr. Stefan Weniger, will be joined by Thomas Mayer on 1 October as announced who has responsibility for operative business. The board of management will continue the business operations of MIFA to the full extent and will initiate a sales process without delay. The board of management together with the creditors and the works council will agree on a restructuring plan in the next few weeks; in particular the plan will contain the necessary restructuring steps and form the basis of restructuring MIFA. MIFA will inform its workforce about the current situation today. The wages and salaries of the present staff of around 600 are guaranteed for three months through the Bundesagentur für Arbeit (federal employment agency).


Contact:
Mark Appoh
cometis AG
Unter den Eichen 7
65195 Wiesbaden
Telephone: 0611-205855-21
Fax: 0611-205855-66
Email: appoh@cometis.de

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