Paragon

Auto supplier Paragon has filed for insolvency for three entities; 552 employees at six German sites are affected. An Indian investor, Tejascore Techsystems Inc., had pledged €12 million in writing but paid nothing, leading Paragon to suspect deliberate deception or fraud. Operationally, Paragon reports a profit and high order intake in its preliminary annual financial statement but is suffering from acute illiquidity; its products include the retractable mechanism for the Rolls-Royce radiator mascot Spirit of Ecstasy. Management expects operations to continue under provisional insolvency administration, while the share and bond have lost significant value. » Más en t-online.de

paragon and its subsidiaries paragon electronic and paragon movasys have filed insolvency petitions with the local court in Paderborn due to insolvency. The reason is the non-payment of a contractually promised loan disbursement in the double-digit millions by an investor, which means paragon can no longer meet due liabilities. Management expects business operations to continue after a provisional insolvency administrator is appointed. » Más en finanzen.net

paragon’s management plans to prepare the transfer of the limited partner shares from the regulated market (Prime Standard) to the open-market segment Scale to reduce regulatory and administrative burden while maintaining capital-market presence in Frankfurt. Management considers Scale better suited to the company’s current size. After the Frankfurter Wertpapierbörse confirms the eligibility requirements, paragon intends to apply for delisting from the Prime Standard and admission to Scale, aiming to complete the move by Q2 2026 at the latest. A delisting takeover offer is not required under current law. » Más en finanzen.net