cdv Software Entertainment AG filed for preliminary insolvency
Company: CDV
Frankfurt/London, 15 April 2010

On Monday, 12th of April 2010 cdv Software Entertainment AG filed for preliminary insolvency. The preliminary insolvency only applies to cdv Software Entertainment AG. Subsidiaries and affiliated companies, such as cdv Deutschland GmbH, cdv Software Entertainment USA and cdv Software Entertainment Ltd are currently not affected.

This action was taken following the non-payment of a settlement arising from a recent successful lawsuit against SouthPeak Interactive.

The court in Frankfurt, Germany, appointed an Administrator to examine the situation and opportunities, in order to allow cdv Software Entertainment AG to continue trading. The Administrator together with the management team is now proactively working on solutions to restructure the company and discussions with investors and potential purchasers are on-going.

Furthermore cdv’s legal advisors reject SouthPeak’s claim that payments arising from the rulings against SouthPeak and owed to cdv can be offset against a loan which SouthPeak have obtained from a 3rd Party. As a result the legal enforcements against SouthPeak are being continued.

Meanwhile cdv Software Entertainment AG remains fully operational.

About the Administrator:
The Preliminary Administrator appointed by the court is Dr. Robert Schiebe. He can be contacted via email at r.schiebe (at) schiebe.de

About cdv Software Entertainment AG:
cdv Software Entertainment AG is an internationally active company based in Germany founded to publish computer and video games and provide related services. cdv AG, which is listed on the General Standard, was founded in 1989 and went public in 2002. cdv AG holds all relevant publishing licences to publish products across the globe for Sony's, Microsoft's and Nintendo's gaming platforms.

Subsidiaries exist in the strategically important markets of Germany, the USA and the UK as well as other countries. cdv AG is one of the few truly independent publishers to act on the global market. The marketing of titles is not solely restricted to the classic retail segment, rather extends to mobile and online distribution – cdv brings entertainment directly to the end user. You can find more information and current press releases at all times at www.cdv.de.

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