DGAP-News: Marbert management explains reasons for bankruptcy
(firmenpresse) - DGAP-News: Marbert Holding AG / Key word(s): Insolvency
Marbert management explains reasons for bankruptcy
18.05.2011 / 13:49
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Marbert management explains reasons for bankruptcy
Duesseldorf, 18th May 2011, today, the management of Marbert Holding AG and
Marbert Cosmetics GmbH, a wholly owned subsidiary company of Marbert
Holding AG, announced that both companies filed petitions for bankruptcy
with the Dusseldorf bankruptcy court. Mr. Di Filippo, Jr., Managing
Director and major shareholder of Marbert Holding AG personally regrets the
potential loss of jobs for the many loyal and decent employees of this
great German company that may result from this bankruptcy filing. He will
do everything possible, working closely with the bankruptcy Administrator,
to save the jobs of the Marbert Cosmetics employees.
Since September 2010, when he assumed the leadership position of both
companies, Mr. Di Filippo, Jr. has done everything possible to restructure
both companies and to achieve a financial turn around. In addition to a
total cash investment of EUR 6.5 million, DMC Holding assumed financial
guarantees for Marbert Holding AG of EUR 3.5 million increasing its
investment to a total of EUR 10 million. This entire investment is now also
at serious risk of being lost.
In May 2010, DMC Holding AG, a Swiss holding company that owns all of the
shares of DMC S.p.A., a company organized and existing under the laws of
the Republic of San Marino, purchased 47% of the shares of Marbert Holding
AG. The investment made by DMC Holding in Marbert Holding was originally
limited to a passive investment with a maximum investment amount of EUR 4
million. At that point of time, there was no intention for DMC Holding to
assume the leading role in the management of Marbert Holding AG or Marbert
Cosmetics GmbH or to exceed its maximum investment limit of EUR 4 million.
In July 2010, DMC Holding received the first indications that the financial
condition of Marbert Holding AG, upon which it based its final investment
decision, had been significantly misrepresented. In late August 2010, DMC
Holding through its German lawyers requested the new Supervisory Board of
Marbert Holding AG to remove the management of Marbert Holding and Marbert
Cosmetics for cause and to appoint a new professional manager as Managing
Director. DMC Holding also assigned a leading German financial advisory
firm to conduct a detailed financial due diligence review of Marbert
Holding AG, to determine its actual financial condition. The results of
this financial review confirmed the worst expectations about the very
serious financial problems affecting Marbert Holding AG.
In September 2010, Mr. Di Filippo, Jr. believed the financial problems at
Marbert Holding were so serious that he himself assumed the leadership of
Marbert Holding and Marbert Cosmetics as Managing Director. In October,
2010 Mr. Di Filippo, Jr. recognized that Marbert Holding would require more
assistance to restructure the company financially and to make it
profitable. Consequently, Mr. Di Filippo, Jr. completed negotiations with a
German entrepreneur, Mr. Stephan T. Schubert, to invest in Marbert Holding
AG and to assume primary responsibility for the financial restructuring and
turn around of the company. Mr. Schubert's private investment company, STS,
signed a binding agreement with DMC Holdingto invest EUR 2 million in new
equity and to provide Marbert Holding AG with an additional EUR 500,000
loan through the purchase of products.
However in February 2011, Mr. Schubert informed the management that he
would not honor the original agreement to invest in Marbert Holding and
proposed to the company a radical restructuring of his investment that the
management rejected because it believed it would have been unfair to the
minority shareholders and creditors of Marbert Holding and, based on the
advice of his German lawyers, possibly illegal under German law.
Since then, the management has been in emergency negotiations with various
German investment groups to determine whether an alternative investor to
Mr. Schubert could be found for Marbert Holding AG. Such negotiations
recently failed and the only remaining option Marbert Holding AG and
Marbert Cosmetics GmbH was to file for bankruptcy under German law.
The Management of Marbert Holding AG and Marbert Cosmetics GmbH has
formally filed a criminal complaint to review the conduct and management of
the former management and controlling shareholders of both companies to
determine whether such conduct and management was illegal under German law
and whether criminal charges should be filed against such managers and /or
controlling shareholders.
Mr. Di Filippo, Jr. will discuss with the appointed bankruptcy
Administrator possible strategies to recover as much lost value as possible
for the shareholders of Marbert Holding AG through civil actions against
the parties responsible for such losses. Mr. Di Filippo, Jr. truly regrets
the outcome of this matter for the minority shareholders of Marbert Holding
and has done everything possible to protect their interests.
For any further information, please contact DMC Holding's German law firm
in Munich, Germany, CBA Studio Legale and Tributario, at +49 (0) 89 9901
6090, and ask for Avv. Enrico Fadani.
Marbert Holding AG and Marbert Cosmetics GmbH
End of Corporate News
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18.05.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Marbert Holding AG
Bonner Straße 155
40589 Düsseldorf
Deutschland
Phone: 0211-7953-0
Fax: 0211-7953-222
E-mail: info(at)marbert.de
Internet: www.marbertfinance.com
ISIN: DE000A0S84W0
WKN: A0S84W
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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125215 18.05.2011
Datum: 18.05.2011 - 13:49 Uhr
Sprache: Deutsch
News-ID 34137
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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