Statement by Cocoon Music Event GmbH and Cocoon Artist Booking UG regarding the insolvency proceedings of CocoonClub GmbH & Co. KG

We have been informed that the Frankfurt district court has ordered the provisional insolvency administration of CocoonClub GmbH & Co. KG by resolution from 13th September 2012.

Here is our statement regarding this situation:

Cocoon Music Event GmbH and Cocoon Artist Booking UG are independent and separate companies, in substance as well as financially, economically and regarding the employed staff.

The situation at CocoonClub GmbH & Co. KG does not affect the business operations of Cocoon Music Event GmbH and Cocoon Artist Booking UG in any way.

CocoonClub GmbH & Co. KG is solely a licensee of the brand "Cocoon".

At CocoonClub GmbH & Co. KG, Sven Väth is simply a partner who holds a share of the GmbH. Furthermore, he is the visionary, ideas provider and advising musical curator behind the club concept, but he was never involved in any daily business operations.

Out of the wish to re-establish a leading internationally recognised club of for electronic music in Frankfurt, Sven Väth, together with other partners, decided to develop a club concept for the new millennium. The highly ambitious project, which has no equal worldwide, became an icon of modern clubbing in no time and has set standards regarding design, sound and award winning cuisine.

We deeply regret the possible loss of jobs and strongly hope that the institution "CocoonClub" can be preserved for Frankfurt's nightlife.

For further information, please refer to the statement of CocoonClub GmbH & Co. KG.

Cocoon Music Event GmbH, Cocoon Artist Booking UG

Frankfurt, 13th September 2012