The District Court in Essen as the competent insolvency court has appointed Dr. Klaus Hubert Görg as insolvency administrator of Arcandor AG, Karstadt Warenhaus GmbH, Quelle GmbH and 39 other companies in the Arcandor group, transferring the power of administration and control over all assets and the power of representation of these companies to the insolvency administrator.

Acting insolvency administrator for the Arcandor Group Dr. Klaus Hubert Görg has notified the pro tem creditors committee and employees that Arcandor’s retail business segments are to be reorganised.

Arcandor’s Management Board and the preliminary insolvency administrator aim at developing a future perspective for as many insolvent companies as possible.

During today’s session in Berlin, the Interministerial Guarantee Committee has approved an insolvency loan for Quelle GmbH.

Arcandor CFO Rüdiger A. Günther has reacted to statements that Arcandor emptied Quelle’s accounts shortly before the announcement of the company’s insolvency: “Cash pooling is a standard instrument used by financial management in group companies.”

Pursuant to § 12 (a) (v) of the Terms and Conditions of the Exchangeable Bonds as soon as the Issuer has filed an application for the commencement of insolvency proceedings, each bondholder shall be entitled, by giving notice to the Principal Paying Agent, to declare his bonds due and demand immediate redemption thereof at their Principal Amount plus interest accrued thereon (if any) to but excluding the date of redemption.

In a follow-up move to the insolvencies of Arcandor AG, Primondo GmbH, Quelle GmbH and Karstadt Warenhaus GmbH announced on 9 June 2009, the directors of the Arcandor Group have today applied to the Essen district court to open insolvency proceedings for a further three subsidiaries.

In a follow-up move to the insolvencies of Arcandor AG, Primondo GmbH, Quelle GmbH and Karstadt Warenhaus GmbH announced on 9 June 2009, the directors of the Arcandor Group have today applied to the Essen district court to open insolvency proceedings for a further 15 subsidiaries.

Arcandor AG has cancelled the release of the Group’s interim report as of 31 March 2009 (first half of the 2008/09 financial year) which was planned for 18 June 2009.

The Management Board of Arcandor AG has appointed the insolvency expert from Düsseldorf as its general agent to carry out the insolvency proceedings under its own management.

The aim of these proceedings is to continue the restructuring of the Company and its subsidiaries that is already underway with an insolvency plan and to ensure their existence.

The Warenhaus summit called at the invitation of Dr Karl-Gerhard Eick, the Chairman of the Management Board of Arcandor AG, was marked by good and constructive talks between all those involved.

Arcandor AG has applied to the German finance ministry and ministry of the economy for a loan of EUR 437 million from the rescue aid package.

Arcandor AG will intensively look into the analysis made by the EU regarding its application for a state guarantee, particularly with regard to its assessment and the suggested alternatives.

The statements quoted by manager magazin do not reflect the situation of talks yesterday in the guarantee committee.

Arcandor AG plans to publish its Group interim report as of March 31, 2009 on June 18, 2009.

Today, Dr Eckhard Cordes, CEO of the Metro Management Board and Dr Karl-Gerhard Eick, CEO of the Arcandor Management Board, met for a first exploratory talk concerning the Deutsche Warenhaus AG.

As part of its upcoming Group financing, Arcandor AG is also banking on state guarantees of 650 mill. € from the Germany Fund launched by the German Federal Government.

Arcandor AG plans to publish its Group interim report as of March 31, 2009 (first half of the 2008/09 financial year) on May 29, 2009.

Consolidation programme for Arcandor decided – course set for sustainable profitability – basis for long-term financing 

In his first speech as new CEO of the Arcandor AG Management Board at the annual general meeting, Dr. Karl-Gerhard Eick announced a rigorous policy of consolidation for the international tourism and retail group.

Arcandor and EDS, an HP company, announced today the signing of an agreement on the realignment regarding their partnership.

Arcandor AG maintained its earnings and sales position in the first quarter of the 2008/2009 financial year. The tourism and retail group improved adjusted EBITDA by 18% to €180 million.

Arcandor has enjoyed a solid business performance in the first quarter by the preliminary figures. The three operating segments posted a good performance in the period from October to December 2008 in the light of the difficult market environment.

ERGO Versicherungsgruppe AG and Arcandor AG have affirmed their successful sales partnership while also agreeing to realign their financial services subsidiaries.

Dr. Karl-Gerhard Eick, CEO of Arcandor AG from March 1, 2009, has been appointed to the Board of Directors of Thomas Cook Group plc with immediate effect. He will replace Dr. Peter Diesch, CFO of Arcandor AG until the end of the year.  Dr. Thomas Middelhoff will remain the Chairman of the Board of Thomas Cook Group plc.

The Arcandor Group achieved good operating performance in financial year 2007/2008 in an overall business environment that was difficult. The company increased adjusted operating EBITDA by €133 million (19.4 percent) to €820 million.

Accordingly, on March 1, 2009, Dr. Thomas Middelhoff will cede his post as Chairman of the Management Board of Arcandor AG to Dr. Karl-Gerhard Eick by full mutual agreement.