Esprit Global (00330) announced that Esprit Europe GmbH (DEEG),...
Zhitong Financial App News, Esprit Global (00330) announced that Esprit Europe GmbH (DEEG), Esprit Europe Services GmbH (DEES), Esprit Wholesale GmbH (DEWG), Esprit Card Services GmbH (DECS), Esprit Design & Product Development GmbH (DEPD) and the respective boards of Esprit Global Image GmbH (DEEA) and Esprit Retail B.V. & CO. After careful and thorough consideration, the general partners of KG (DERB) (the aforementioned companies are collectively referred to as “subsidiaries”) decided to apply for the commencement of self-managed bankruptcy proceedings (self-management procedure application) with the competent bankruptcy court in Düsseldorf, Germany, regarding the assets of each subsidiary.
Once the court makes an order on request, the bankruptcy procedure for the subsidiaries will proceed through a debtor possession procedure, which will enable the subsidiaries to reorganize their finances and operations and make full use of the tools provided by German bankruptcy law. Accordingly, the respective directors or general partners of the subsidiary companies decided to approve the application for the self-management procedure; and then applied for the self-management procedure on May 15, 2024.
In addition to its subsidiaries (excluding DERB), DEEG is also a direct or indirect shareholder of several of the Company's subsidiaries incorporated in Europe (such as Esprit De Corp France SAS, Esprit GB Limited, Esprit Handelsgesellschaft M.B.H and ESPRIT Europe Holdings B.V.). DewG is the sole shareholder of Esprit Poland Retail sp.z o.o. DEEG and DEWG's application for self-management procedures may result in the subsidiaries of these two companies being subject to future bankruptcy proceedings. Should DEEG or any of DEWG's subsidiaries file a bankruptcy petition, the company will make further announcements in due course in accordance with the listing rules.