Negotiations between Intertainment and Kinowelt about liabilities
Munich, October 2, 2006 - Intertainment AG and INTERTAINMENT Licensing GmbH, both in Munich, are currently holding negotiations with Kinowelt GmbH, Leipzig, about restructuring liabilities arising from a loan taken out by INTERTAINMENT Licensing GmbH. The negotiations are taking place because the stock purchase contract between the Kinowelt Group and major Intertainment shareholder Rüdiger Baeres was not closed by September 30, 2006.
Intertainment had agreed repayment modalities for the liabilities with Albis Finance AG, Hamburg, in May 2006. At this point, Albis was the creditor for these liabilities. The agreement reached at that time was subject to the cancellation condition that the stock purchase contract between the Kinowelt Group and Rüdiger Baeres should be closed by September 30, 2006.
Shortly before expiry of this deadline on September 22, Albis informed Intertainment AG that the receivables arising from the liabilities had been sold to the Kinowelt Group. Intertainment immediately started negotiations with Kinowelt relating to the restructuring of liabilities. They amount to some 15 million euros.
Intertainment is assuming that the negotiations will be completed during the course of this week.
End of the Ad-hoc Press 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