Van der Moolen asks for court protection

Brokerage firm Van der Moolen asked the court for protection from its creditors on Monday morning. In a statement the company said the most important reason for the move was its ‘very weak liquidity position’.

The firm’s results continue to be ‘disappointing’ the statement said, announcing a 73% fall in first half revenues to almost €25m compared to the same period in 2008.
Van der Moolen booked a loss of €8.7m in the first half (€14.5m profit in the same 2008 period).
The poor performance was partly the result of the company’s move to Schiphol and the over-ambitious purchase of its own shares for €30m.
Van der Moolen says its management is currently evaluating the future of the company to see if it can continue to operate in a slimmed-down form. The statement emphasises that selling off parts of the company is a ‘serious’ option.
The company stressed that the protection from creditors it has requested relates only to the parent company and not its subsidiaries.
Trading in Van der Moolen shares on the Amsterdam stock exchange has been suspended.
Last month Van der Moolen said it expected to post an operational loss of up to €8m in the second quarter and that CEO Richard den Drijver would step down because of the disappointing results.

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