StockMarketWire.com – The sale of Hightex Group’s operating subsidiary, Hightex GmbH, has been approved by the court in Rosenheim, Bavaria, as a conclusion of the German ‘Eigenverwaltung’ (self-administration) process which the subsidiary has been undergoing.

Hightex Group announced that it had appointed administrators on 6 May.

Under the German court self-administration process, the insolvency plan of Hightex GmbH was accepted by the creditors on 27 April and came into effect on 18 May.

The capital decrease has now taken place and as soon as funds have been transferred by Inteco Beteiligungs GmbH to the administrator for the capital increase, Inteco Beteiligungs GmbH will be the new shareholder of Hightex GmbH.

Hightex will receive no consideration for the disposal, but the creditors of Hightex GmbH will receive a secured quota of 3%, which is expected to be paid during June to the creditors. In the year ended 31 December 2013, Hightex GmbH made losses of €2.0m on turnover of €9.8m.

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