Company press releases
12 Oct 2009
Zapf Creation AG and banking syndicate reach an agreement
- Group's funding remains sufficient
- The structure of its financing and the covenants will be reviewed in 2010
Roedental, Germany, October, 12, 2009 – Zapf Creation AG and its banking syndicate have agreed to maintain the syndicated loan that was stipulated in 2007 and is used to fund the Group. Under the agreement, a sufficient credit line will be available to the Zapf Creation Group. The agreement provides for a review of the Group's long-term funding in the spring of 2010 and a decision on an adjustment of the financial indicators (covenants). The banks have waived compliance with substantial covenants until that time.
As previously reported, these negotiations were necessary because the Zapf Creation Group was unable to satisfy the initially stipulated covenants due to its weak performance in the fourth quarter of 2008. The successful conclusion of the talks will now enable the Company to complete and publish its annual financial statements and consolidated financial statements for the 2008 financial year in short order. The financial statements are prerequisite for convening the Company's Annual Shareholders' Meeting.
Jens U. Keil, chief financial officer of Zapf Creation AG, commented: "We are very pleased that the talks with the banks participating in the loan syndicate have been brought to a successful conclusion. As a result, Zapf Creation remains sufficiently funded. This will allow us to push our business with respect to both the Christmas season and the coming year, even in the currently difficult market environment."
Further information:
Frank Elsner/Jens Heinen
Frank Elsner Kommunikation für Unternehmen GmbH
Tel.: +49 (0) 54 04 – 91 92 0
Fax: +49 (0) 54 04 – 91 92 29
Zapf Creation AG is Europe's leading manufacturer of play and functional dolls with accessories. Among Zapf Creation's best known brands are Germany's best-selling functional doll BABY born®, 15 million of which have been sold worldwide since 1991, plus Baby Annabell® and CHOU CHOU. All branded play concepts share a high standard of design, quality, safety and play value. Headquartered in Roedental, Germany, Zapf Creation was founded by Max Zapf in 1932 and went public in April 1999 (ISIN 0007806002). For further information, please visit:
www.zapf-creation.com.
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