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DOGI International in administration

May '09
DOGI International Fabrics Board of Directors, in meeting in El Masnou, has agreed to present a Insolvency Process, the objective of which is to guarantee the Company's continuity.

The reasons why the Group's Spanish subsidiary is presenting the Insolvency Process are, first of all, the reduction in sales suffered in the last quarter of 2008 and the first quarter of 2009. Secondly, an excessive cost structure, increased by the duplicity in costs caused by the transfer of the mill to the new facilities at Dogi II.

These reasons, together with the restriction of credit from the financial entities, which have prevented the company from attending its financial obligations, have caused and direct effect on the Group's treasury. Over the last months the Company has tried to obtain external financing, but it has not been possible in the end.

Tomorrow the Company will present the Insolvency Process request to the Mercantile Court in Barcelona. The liability of this proceeding amounts to 42 million Euros, of which 28M Euros corresponds to financial entities, 5M Euros to the Dogi Group and 3M Euros to the Civil Service.

DOGI Spain aims to overcome this situation as quickly as possible and has opted for presenting an “Early Offer of Agreement” and to this effect is finalising the elaboration of a feasibility plan that includes the Company guidelines.

DOGI International

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