May 22, 2015 / 5:56 AM / 4 years ago

BRIEF-Joyou says insolvency application to be filed

May 22 (Reuters) - Joyou AG :

* Said on Thursday management board decided to file an application for the opening of insolvency proceedings with the competent local court of Hamburg following the existing over-indebtedness of the company

* Said auditors have notified the company that they have revoked the audit opinion for unconsolidated financial statements for FY 2014, as well consolidated financial statements for FY 2014

* Supervisory board has also removed Jianshe Cai and Jilin Cai as members of the Company’s management board with immediate effect Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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