07 July, 2006

Germany: Weissheimer Malzfabrik declared again state of temporary insolvency

As reported by market analysts, Friedrich Weissheimer Malzfabrik KG and Weissheimer GmbH placed again the insolvency request at the court of Mayen district in the morning of July 6th 2006. Temporary insolvency administrator is the Koblenzer attorney, Jens Lieser. The maltster has already set an insolvency request in March this year, which has been withdrawn in May after an investor had been found.

According to experts, the latest declaration is motivated by divergences between the maltster and its main creditor, Avangard Bank JSB from Moscow. Avangard Bank became the main creditor of Weissheimer after signing on 25.10.2001 and 28.03.2006 tow concession contracts, regarding liabilities pertaining to a major syndicated loan, with the group of banks which used to be main creditors of Weissheimer.

In the coming weeks the temporary insolvency administrator will again take up the discussions with the prospective customers, who wanted to take over and continue the largest part of the Friedrich Weissheimer Malzfabrik with the first insolvency in March 2006, according to the Company. These discussions stand however under the reservation of the agreement of the Russian principal creditor. The co-workers are informed in a workshop meeting about the further steps in the crisis situation. The temporary insolvency administrator stresses that the subsidiaries Sachsenmalz, Balticmalt, Malta gene and Maltamore are not affected by the insolvency.

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