Edition:
India

Galapagos Files Application To Initiate Insolvency Proceedings


Sunday, 25 Aug 2019 

Aug 25 (Reuters) - Galapagos NV ::GALAPAGOS-FILED APPLICATION TO INITIATE INSOLVENCY PROCEEDINGS WITH COMPETENT LOCAL COURT OF DÜSSELDORF DUE TO PENDING ILLIQUIDITY & OVER-INDEBTEDNESS.GALAPAGOS-BY WAY OF ORDER OF 23 AUGUST 2019 LOCAL COURT OF DÜSSELDORF APPOINTED FRANK KEBEKUS AS PRELIMINARY INSOLVENCY ADMINISTRATOR OF ASSETS OF CO.GALAPAGOS-NO ENFORCEMENT OVER SHARES IN & PREFERRED EQUITY CERTIFICATES OF GALAPAGOS BIDCO MAY OCCUR DURATION OF PRELIMINARY INSOLVENCY PROCEEDINGS.GALAPAGOS-ALSO ANNOUNCES IT NO LONGER ENVISAGES IMPLEMENTING TRANSACTION PREVIOUSLY ANNOUNCED & AS DEFINED IN, CO'S ANNOUNCEMENT ON 7 JUNE 2019.COMPANY WITHDREW ITS INSTRUCTIONS TO ITS COUNSEL TO PROCEED WITH APPLICATION IN ENGLISH HIGH COURT.CO OPPOSED MAKING OF ANY ADMINISTRATIVE ORDER IN ENGLISH HIGH COURT.GALAPAGOS - DISMISSED MATTHEW CHARLES TURNER, AND JOHN SAMUEL KEEN, AS DIRECTORS WITH EFFECT AS OF DATE HEREOF.APPOINTED JAN BAYER AS SOLE DIRECTOR OF COMPANY, WITH EFFECT AS OF DATE HEREOF.