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publication: 09.12.2019 14:47

source: http://adhoc.pressetext.com/news/1575899220077

keywords: SANOCHEMIA Pharmazeutika AG / application for insolvency / insolvency

Public disclosure of inside information according to article 17 MAR

SANOCHEMIA Pharmazeutika AG: Sanochemia Pharmazeutika AG aims for plan

insolvency

No agreement with the principal creditors

Wien (pta033/09.12.2019/14:47) - The Management Board of Sanochemia Pharmazeutika AG (ISIN AT0000776307, ISIN

DE00A1G7JQ9) will file an application for insolvency proceedings at the Vienna Commercial Court over the next few days due to

imminent insolvency.

Due to the restriction of the GMP certificate as well as extensive economic burdens resulting from the past of the company, a

liquidity gap has arisen in the company. This can not be covered by the cash flows from current operations, which has developed

positively in recent months. The inclusion of external new investors has also proved impracticable in the current situation of the

company.

The Management Board has taken several steps to improve operations during the year, including significant cost-cutting programs

and a capital increase by the core shareholder earlier this year. Despite these measures, as well as increased incoming orders in

recent months, there has been no common, out-of-court solution due to the heterogeneous interests of the creditors.

Since the restructuring talks conducted by the Management Board with the largest creditors of the Company could not be brought

to a positive conclusion, there is no alternative to judicial insolvency proceedings in the view of SANOCHEMIA.

For further information please contact:

Torsten Biallas,

t.biallas@b-communication.de

emitter:

SANOCHEMIA Pharmazeutika AG

Boltzmanngasse 11

1090 Wien

Austria

contact person:

Bettina Zuccato

phone:

+43 1 3191456-336

e-mail:

b.zuccato@sanochemia.at

website:

www.sanochemia.at

ISIN(s):

AT0000776307 (share)

stock exchanges:

basic board in Frankfurt, free market in Stuttgart, free market in

Munich, free market in Hamburg, free market in Dusseldorf;

direct market plus in Vienna; open market in Berlin

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Sanochemia Pharmazeutika AG published this content on 09 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 December 2019 13:55:10 UTC