Expert confirms that application for insolvency proceedings against Ekotechnika GmbH is unfounded

• Expert assigned by the local court recommends rejecting the insolvency application filed by Kollosal Salz GmbH i.I.
• View of the management and their legal counsel confirmed

Walldorf, 31 July 2015 – The management of Ekotechnika GmbH received the report prepared by the expert assigned by the Heidelberg local court, Tobias Wahl (Anchor Rechtsanwälte, Mannheim), for commenting. In his report, the expert confirms that Ekotechnika GmbH is neither insolvent within the meaning of section 17 InsO nor overindebted within the meaning of section 19 InsO and that it is mostly likely that the company will continue as a going concern. The expert therefore recommends that the insolvency court reject the insolvency application filed by Kollossal Salz GmbH i.I., headquartered in Bergheim, Austria, which has filed for bankruptcy in the meantime.

This confirms the view of the management and their legal counsel. The local court has stipulated a deadline until 12 August 2015 for the parties to comment on the report.

With regard to the actions for annulment filed by Kollosal Salz GmbH i.I. and others against the resolutions adopted by the bondholders' meeting, the company has meanwhile initiated court release proceedings (“gerichtliches Freigabeverfahren”) and expects a positive release decision (“Freigabebeschluss”) by mid-October 2015 at the latest. The latter is a precondition for implementation of the resolutions adopted by the bondholders’ meeting of 6 May 2015.

The management of Ekotechnika GmbH continues to assume that the financial restructuring of the company can be implemented as planned.