Archived posting to the Leica Users Group, 2005/02/23
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]Henning Wulff wrote: >> My translation may clear up a couple of points on what is happening >> over here. >> Wallstreet-online reported in German. >> >> Leica Camera: Banken k?ndigen teilweise Kreditlinien >> >> Die Leica Camera AG meldete am Montag, dass die Banken ihre >> Kreditlinien gegen?ber der Gesellschaft teilweise gek?ndigt haben. >> Hintergrund dieser Entscheidungen ist eine Meldung vom 17. Februar, >> nach der Leica davon ausgeht, dass sich voraussichtlich im M?rz 2005 >> ein Verlust der H?lfte des Grundkapitals ergeben wird. >> >> Die verbleibenden Linien decken den Angaben zufolge den derzeitigen >> Liquidit?tsbedarf noch ab. Der Vorstand verhandle mit den Banken ?ber >> eine L?sung, die das Unternehmen bis zu einer au?erordentlichen >> Hauptversammlung am 31. Mai tr?gt, in der den Aktion?ren >> Kapitalma?nahmen vorgeschlagen werden sollen. >> >> >> "Leica Camera AG announced on Monday that their banks have partially >> closed the companys credit lines. The basis for this decision is the >> announcement dated 17th of February in which Leica expects that the >> losses, calculated to March 2005,will comprise one half of the company >> capital. >> >> According to information supplied, the remaining credit lines will >> cover the current liquidity of the company.The board of directors and >> the banks are negotiating a solution to keep the company afloat until >> the extraordinary general meeting on the 31st of March when a finance >> plan will be presented to the shareholders." >> >> The points to note here are: >> 1) Very probably, only those credit lines directly linked to the basic >> operation of the company are still open. ie for outstanding >> salaries,communal services etc. (ie the banks are very worried) >> 2) this infers that the credit lines for all other operational aspects >> are closed for the time being.(ie the banks are not prepared to back >> up present and future investments without some kind of security) >> 3)The banks are negoitiating a solution which will carry Leica through >> only until the end of March 2005. This is the deadline for the >> presentation of a new finance plan for the future of Leica.(Leica must >> develop and present a plan to satisfy a) the banks and b) the >> shareholders that the company has a future and is worth the investment) >> 4)The new finance plan for the period following the end of March will >> have to be approved by the shareholders at the EGM. >> >> Personally I don't see Hermes International going along with Leica in >> this situation and I expect we'll all get quite a surprise if and when >> futureinvestors/partners/owners are announced. >> >> regards from Hannover >> Douglas > > > I think you meant May 31st in both instances, not March. > Mea culpa, verzeihung, 31te Mai, Thanks for the correction Henning Douglas