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    MobilCom founder declares himself insolvent

    MobilCom founder declares himself insolvent

    Gerhard Schmid, the founder and former chairman of German telecom MobilCom, has filed for insolvency in a court in northern Germany.

    Author Date published February 18, 2003 Categories

    Link: Telecom balance sheets attract business

    Schmid held 42% of shares in the company he founded and built up from nothing during the 1990s to be worth Euro 13bn (£8.75bn) at its peak, grabbing 9% of the German market.

    However the company fell into financial difficulties in recent times and had to be bailed out by the German government and France Telecom, which now owns 29% of the company.

    Schmid was ousted from MobilCom after he disagreed with the way France Telecom were running the company, according to the Daily Telegraph.

    His insolvency will not have any impact on MobilCom’s operations.

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