AdCapital

The management board of AdCapital has applied to the Friedberg local court to open insolvency proceedings over the company’s assets after all refinancing attempts failed. The move follows an insolvency filing for subsidiary Erich Jaeger GmbH and the close economic ties between the two companies. A preliminary insolvency administrator is expected to be appointed, while business operations are to continue for the time being. » More on finanzen.net

The management of subsidiary Erich Jaeger GmbH has applied to the local court in Friedberg to open preliminary insolvency proceedings. The reason is inability to pay following a sharp, geopolitically driven decline in sales; restructuring attempts were unsuccessful. Operations will be continued for the time being and a preliminary insolvency administrator will coordinate next steps; AdCapital will provide updates on further developments. » More on de.investing.com

AdCapital reports that its subsidiary Erich Jaeger has reduced its stake in JAEGER POWER Automotive Systems (Shenzhen) from 60% to 49% and has also sold the production site and buildings of Erich Jaeger, s.r.o. Both measures are part of the "Vision 2030" strategy and were achieved at market-standard purchase prices, with transaction amounts remaining confidential. Proceeds will be used for restructuring, debt reduction and strengthening financial flexibility, as well as to finance future growth and transformation initiatives of the Erich Jaeger Group. » More on finanzen.net