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CMS Hasche Sigle advises on preparation for Schiesser IPO

16/11/2010

Frankfurt/Main – The insolvency administrator of Schiesser AG, Dr Volker Grub, intends to propose a stock market flotation to the creditors' meeting, to take place next year. The company has been in insolvency proceedings since 2009.

A transaction counsel team from CMS Hasche Sigle led by Dr Andreas Zanner is advising the joint lead managers, equinet and BHF Bank, as well as Schiesser AG, on all aspects of the procedure leading to listing in the Prime Standard of Frankfurt Stock Exchange.

The creditor committee has already approved the IPO proposals, but the insolvency proceedings must be concluded first. To this end, Dr Volker Grub has submitted an insolvency plan to the District Court of Constance under which the creditors will defer their claims until the IPO. A creditors' meeting on this issue is scheduled for December 2010. The insolvency proceedings are then expected to be officially ended through confirmation from the District Court.

Schiesser AG, one of Germany's best-known underwear manufacturers, was established by Jacques Schiesser in 1875. Schiesser develops, produces and markets underwear and nightwear for ladies, men and children, as well as homewear, swimwear and sports underwear.

Advisers CMS Hasche Sigle:
Dr Andreas Zanner, Capital Markets (Lead Partner)
Joachim Kühne, Restructuring
Philipp Melzer, Capital Markets
Stephan Parrandier, Capital Markets
Dr Stefan Ueding, Capital Markets
Vanessa Harms, Capital Markets

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