In the interests of employees, customers and service providers the Board of the MICE AG decided to make the request to open insolvency proceedings on 10th January 2012.
The investments for individual marketing concepts, the development of new technology solutions, the new exhibition concept as well as the costs of internal restructuring forced the MICE AG to submit the application for insolvency. Over the last few months, the Board worked intensively to achieve a financial restructuring and held talks with investors, the financing banks and the guarantors.
The Charlottenburg District Court, which is the responsible insolvency court, has appointed Dr Philip Hackländer, a lawyer at White & Case, one of the leading international law firms in the areas of insolvency and restructuring, as provisional liquidator. He is optimistic given the current situation: “The MICE AG will continue its operations. In this way, the restoration and long-term continuation of business operations should be possible. The necessary arrangements with the management and staff have already been made”.
“It is a difficult but necessary step. But as businessmen, we must act responsibly. Given the path we have planned and the appropriate action I expect that the MICE AG will have a new chance - a chance to show what the event solutions of tomorrow will look like”, said the CEO of MICE AG. “We are already negotiating with potential investors. This process is so advanced that we expect to come to a very good solution for everyone involved once we open insolvency proceedings. The MICE AG would then stand on a solid financial base”.
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