Loewe AG (LOEK), the German maker of high-end televisions that applied for creditor protection more than two months ago, fell to a record after a court in Coburg approved a plan for a self-administered insolvency process.
Loewe plunged as much as 48 percent to 3.20 euros and was trading down 35 percent at 3.97 euros at 11:39 a.m. in Frankfurt, the lowest since the company’s July 1999 initial public offering, based on closing prices. Volume was seven times the three-month daily average.
The manufacturer was founded in Berlin in 1923 by Siegmund and David Ludwig Loewe, and presented the world’s first electronic TV transmission at the Berlin Radio Show eight years later. In recent years, Kronach-based Loewe has struggled to win buyers for its home entertainment systems as the European sovereign-debt crisis eroded consumer demand. The company filed for protection from lenders on July 16.
Loewe “will remain fully operational” as it reorganizes, the company said today in a statement to the stock exchange. “The restructuring process initiated by the executive board will also continue as before, focusing entirely on concluding the meetings with investors.”
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