paragon AG completes period of insolvency
06/01/2010
DGAP-Ad-hoc: paragon AG completes period of insolvency
paragon AG / Insolvency
01.06.2010 15:05
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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paragon AG completes period of insolvency
Delbrück, Germany, 1 June 2010. - As expected, paragon AG has completed the
phase of insolvency. By decision of 28 May 2010 the Paderborn District
Court terminated insolvency proceedings on 1 June 2010. This has been made
possible by the acceptance of the insolvency plan at the creditors' meeting
on 16 April 2010.
After an agreement was reached with the banks, the paragon board initiated
an insolvency plan on 5 October 2009 in order to finish the negotiations.
Key customers remained loyal even after insolvency proceedings officially
opened on 1 January 2010.
In the future, paragon will be focusing fully on the development,
production and marketing of electronic solutions for the automotive
industry. The company is putting great effort into the development of new
products in the existing fields of air quality, drive trains, acoustics and
cockpits, stepper motors as well as media interfaces and controls. These
will be complemented in the future by electronic solutions for new drive
technologies. The first positive results in this area include the
innovative start-stop sensor, which can be used in particular in hybrid
vehicles, and a display system for electric vehicles.
According to the agreement Chief Restructuring Officer Andrew Seidl leaves
the company after the termination of insolvency proceedings; the
Supervisory Board would like to thank him for his personal commitment in
the past months.
paragon will be issuing all outstanding financial reports as soon as
possible. The company has set itself a tight schedule in this respect
together with the auditors. A joint press conference on the 2008 and 2009
financial years as well as the short 2010 financial year (period of
insolvency) will be held on Friday, 13 August. The Annual General meeting
will be held on Wednesday, 29 September in the usual location - Delbrück
Town Hall.
Portrait
Listed in the Prime Standard segment of Deutsche Börse in Frankfurt am
Main, paragon AG develops, produces and distributes pioneering automotive
electronics solutions. The portfolio of this direct supplier to the
automotive industry includes products in the segments of air quality, drive
systems, acoustics, cockpit systems, stepper motors, media interfaces and
control systems. One of its stand-out products is the AQS air quality
sensor, the clear global market leader. With headquarters in Delbrück
(North Rhine-Westphalia), the company also has sites in Suhl (Thuringia),
Nuremberg (Bavaria) and St. Georgen (Baden-Württemberg). In the 2010
financial year paragon aims to generate revenue in excess of EUR58 million
with more than 300 employees.
Contact
paragon AG
Schwalbenweg 29
33129 Delbrück
Tel.: +49 (0)5250 97620
Fax: +49 (0)5250 976 260
Website: www.paragon-online.de
Email: info@paragon-online.de
Press Officer
Matthias Hack
Tel.: +49 (0)5250 976 2141
Cell: +49 (0)162 101 0724
Fax: +49 (0)5250 976 260
Email: matthias.hack@paragon-online.de
Corporate Communications
Marc Götte
Tel.: +49 (0)5250 976 2161
Fax: +49 (0)5250 976 260
Email: marc.goette@paragon-online.de
01.06.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: paragon AG
Schwalbenweg 29
33129 Delbrück
Deutschland
Phone: +49 (0)5250 97 62 - 0
Fax: +49 (0)5250 97 62 - 60
E-mail: investor@paragon-online.de
Internet: www.paragon-online.de
ISIN: DE0005558696
WKN: 555869
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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