Semodu AG: SEMODU AG Files for Insolvency Proceedings

Munich (pta002/26.08.2024/04:00) - SEMODU AG, a leading company in the field of sustainable and modular project development in Germany, announces that it filed for insolvency proceedings with the Heilbronn District Court on July 31, 2024.

SEMODU AG is currently facing a complex and challenging financial environment. The real estate market is currently in a state of market failure, with both sales and project financing seeing very few closures. This is due to the current market situation, characterized by rising inflation, increased construction costs, and overall economic uncertainty.

On August 23, 2024, the company submitted its application to the Heilbronn District Court. SEMODU AG confirms its application for insolvency proceedings over its assets. At the same time, it withdraws its previously filed application for (preliminary) self-administration proceedings on July 31, 2024. The company requests that the insolvency court promptly appoint a preliminary insolvency administrator pursuant to Section 21, Paragraph 2, No. 1, No. 2, Alternative 2 of the Insolvency Code.

SEMODU AG continues to actively implement a restructuring plan aimed at securing business operations and further developing the company. A key element of the restructuring plan is the active search for strategic investors to support the company's development. Initial talks with potential investors have already been successfully conducted. SEMODU AG is confident that collaboration with strategic investors will secure the company's financial stability and pave the way for a positive future for SEMODU AG.

The SEMODU AG will inform investors in due course about the potential impact of the insolvency proceedings on its ongoing business operations and its subsidiaries. This information will be published on the SEMODU AG website ( https://semodu.com ). SEMODU AG is committed to minimizing the impact of the insolvency proceedings on its subsidiaries.

(Ende)