Sunways AG: Sunways reaches agreement with former principal banks

Konstanz/Germany (pta021/09.08.2013/14:45 UTC+2) 09 August 2013 - On 07 May 2013, the relevant Konstanz local court had issued an order for preliminary insolvency proceedings against the assets of Sunways AG (SWW:GR, SWWG.DE, ISIN DE0007332207) with headquarters in Konstanz and its wholly-owned subsidiary, Sunways Production GmbH with registered office in Arnstadt. The court's decision followed an application of BW Bank in Stuttgart, one of the Group's former principal banks. Right from the beginning of the process the Management Board held talks with the Company's major creditors and its majority shareholder to avert insolvency proceedings. Here, a settlement was reached with the former banks with respect to the credit facilities cancelled in April as well as further liabilities and accrued interest payable. The agreement between Sunways AG, its major shareholder, and the banks became effective today. It includes a waiver on the part of the banks and the terms of repayment. Of the total receivables in the amount of Eur 7.6 million, Eur 5.6 million have to be repaid until the end of November 2013, Eur 1.0 million are due in August 2015. The agreement further stipulates that BW Bank declares its application for the opening of insolvency proceedings to be resolved. From today's perspective, this action would lead to the termination of preliminary insolvency proceedings.

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Emitter:	Sunways AG Max-Stromeyer-Str. 160 78467 Konstanz Germany
Contact Person:	Dr. Harald F. Schäfer
Phone:	+49 (0)7531 996 77-415
E-Mail:	communications@sunways.de
Website:	www.sunways.eu
ISIN(s):	DE0007332207 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt; Free Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart