Fox e-mobility AG Implements Debt Restructuring for Swiss Subsidiary

Fox e-mobility AG has announced that a provisional debt restructuring moratorium has been approved for its Swiss subsidiary, Fox Automotive Switzerland AG. This action provides creditor protection until February 14, 2025, allowing the subsidiary to restructure while safeguarding its assets, including patents and design data from MIA. The moratorium resulted from a halt in liquidity support due to a US/Korean investor default. Despite this, operational activities and vehicle development remain unaffected.

The company faces a significant impairment loss exceeding 50% of the subsidiary's book value, necessitating an extraordinary general meeting. An interim balance sheet will be prepared as of October 31, 2024. Moreover, the audited financial report for 2023 is postponed, with a new release date to be determined.