HAMBURG, Germany --- Today the executive board of Thielert Aircraft Engines GmbH, Lichtenstein, Saxony/Germany, has filed for the opening of insolvency at the county court Chemnitz concerning the assets of the company due to immediate illiquidity. Thielert Aircraft Engines GmbH is a full subsidiary of Thielert AG.
The going concern of Thielert Aircraft Engines GmbH can only be ensured permanently by restructuring activities with the support of investors, due to the fact that the Holding Thielert AG is not capable to do so anymore.
As a consequence Thielert Aircraft Engines GmbH aims for an insolvency plan proceeding. The insolvency plan shall be presented to the court and all creditors by the new appointed executive board and the interim insolvency administrator until the opening of the insolvency proceeding.
A successful continuation of business in the insolvency plan proceeding is required.
Only the German version [of this statement] is valid for legal purposes.