Ad-hoc Press Release from
Intertainment AG
according to § 15 WpHG
HypoVereinsbank files suit against Intertainment
Intertainment believes claim is unfounded
Munich, September 15, 2005 – HypoVereinsbank (HVB) has filed a partial claim
for payment of 10 million euros against Intertainment AG and Intertainment
Licensing GmbH in a proceeding for documentary evidence before the regional
court (Landgericht) München I. The suit was served on Intertainment AG on the
afternoon of September 13, 2005. The regional court has scheduled a date for an
oral hearing on October 7, 2005.
The partial claim relates to a loan amounting to around 14 million euros taken
out by Intertainment Licensing GmbH from HVB, for which Intertainment AG had
given a surety. The legal representatives of Intertainment are continuing to
assume on the basis of the ongoing settlement negotiations that the matter will
be included in a mu-tually agreed, concluding arrangement.
Intertainment maintains the legal position defined in the Annual Report 2004 and
pre-sented this week at the Annual General Meeting on Tuesday of this week. It
is assum-ing that HVB and Intertainment had reached a new arrangement in
relation to the set-tlement of the residual debt. The new arrangement provides
for HVB issuing a debt waiver on a deferred debt basis. Within the scope of this
deferred debt, the loan origi-nally due on June 30, 2004 was written down in the
balance sheet for the fiscal year ending 2003 in the amount of 13,583 million
euros and reported under reserves in ac-cordance with the debt waiver. A legal
opinion was obtained for an appraisal of the facts. This formed the basis for
the assessment by the management of Intertainment.
HVB had called in the loan a number of times, including June 30, 2004, despite
the new arrangement. In the opinion of Intertainment, this was no longer
possible on ac-count of the new arrangement.
End of the ad-hoc release
Contact:
Intertainment AG, Investor Relations, Frauenplatz 7, 80331 Munich, Germany;
Telephone: +49 (0)89 21699-0, Fax: +49 (0)89 21699-11,
Internet: www.intertainment.de, E-Mail: investor@intertainment.de