EQS-Ad-hoc: Gigaset AG / Key word(s): Insolvency
Ad hoc Announcement
Bocholt, September 19th, 2023
Application for the opening of insolvency proceedings
Bocholt, September 19th, 2023 [19:33] - The Executive Board of Gigaset AG today decided to file an application for the opening of regular insolvency proceedings for Gigaset AG and an application for the opening of insolvency proceedings in self-administration for its indirect subsidiary Gigaset Communications GmbH at the competent Local Court of Münster due to illiquidity. The business operations of the Gigaset Group will continue unchanged.
The background to the application for insolvency is essentially an unexpected and significant decline in revenue in the second half of 2023 and thus a business performance significantly below plan with a persistently weak demand for Gigaset products, which continues to worsen, as well as a general reluctance to buy and consume in Germany and Europe with corresponding effects on the company's liquidity. Negotiations with lenders for new equity or debt capital have not yet been sufficiently substantiated to secure the necessary inflow of funds for the continuation of Gigaset outside of insolvency proceedings.
Development, production and sales activities will continue without interruption. The overall objective of the insolvency proceedings in self-administration for Gigaset Communications GmbH is the sustainable restructuring of the operational business under the regulations of insolvency law.
Gigaset AG, Bocholt, is an internationally active company in the field of communications technology. The company is Europe's market leader in DECT phones and is also a leading international player with around 900 employees and sales activities in over 50 countries. In addition to DECT phones, its business activities include Android-based smartphones, cloud-based smart home applications and business telephony solutions for SMEs and enterprise customers. The traditional company is characterised in a special way by its "Made in Germany" production. The company is headquartered in Bocholt, Germany. Furthermore, a software development centre is maintained in Wroclaw, Poland, as well as numerous sales offices in Europe and Asia.
Gigaset AG is listed in the Prime Standard of the German Stock Exchange and is therefore subject to the highest transparency requirements. The shares are traded on the Frankfurt Stock Exchange under the symbol GGS (ISIN: DE0005156004).
End of Inside Information
19-Sep-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1729831|
|End of Announcement||EQS News Service|
1729831 19-Sep-2023 CET/CEST