Date: Thursday November 15, 2018 11:36:08 am
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Banks Stop Financing:
Europe's Adveo Group Reports Insolvency.The Adveo Group filed for bankruptcy on November 13. The subsidiary Adveo Germany had already filed for bankruptcy last Friday in self-administration.
The insolvency affects not only the group but also all subsidiaries, including all national companies. In a statement to the Spanish Securities and Exchange Commission, Adveo announced that the banking consortium had opted for premature loan expiry despite ongoing negotiations with potential investors and financial partners. The debt level had risen to around 209 million euros at the end of the third quarter. In the third quarter report, which was released yesterday, Adveo reported a drop in sales of 23.3 percent over the previous year for the first nine months and a loss of 30 million euros. For Germany, the sales minus was not shown separately, it was only summarized with the revenue shortfall for Spain and given 58 percent.
It had filed for bankruptcy before the competent commercial court "voluntarily" to protect the rights and interests of employees, creditors and shareholders as well as the continuation of the company. " Trading on Adveo shares on the Spanish Stock Exchange was discontinued today, with the securities losing 74 percent of their value over the past six months.Contact: http://www.adveo.com
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