Four subsidiaries of Vivacon AG filed for insolvency (Ad-hoc-announcement according to § 15 WpHG)

The subsidiaries are Vivacon Immobilienportfolio XVI./2006 GmbH & Co. KG, Vivacon Immobilienportfolio III./2007 GmbH & Co. KG, Vivacon Immobilienportfolio V./2007 GmbH & Co. KG and Vivacon Immobilienportfolio VII./2007 GmbH & Co. KG. The reason is the illiquidity of the subsidiaries. There is liquidity gap, which cannot be bridged in the short time according to current forecast of the management. The liquidity gap resulted from high vacancy rates of the real estate assets due to the location.

The four subsidiaries are only focused on residential properties in Salzgitter and Kassel. Affected are almost 4,000 residential units of approximately 10,000 residential units of the Vivacon group.

The insolvency was filed in the context of the current restructuring efforts and serve to safeguard liquidity of the Vivacon group. A well-known auditing company was mandated to prepare a restructuring opinion.

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