DJ SkyEurope Holding AG in discussions with shareholder York Global Finance II S.a.r.l for 100% sale of Operating Subsidiary
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ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
the content of this announcement.
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As announced on 18 September, SkyEurope Holding AG ("SkyEurope" or "the
Company") appointed Rothschild to explore strategic and financing alternatives
in order to secure the future and success of the airline. The focus of
Rothschild´s work has been and continues to be to search for an investor in or
purchaser of the airline. To date, Rothschild has received several preliminary
expressions of interest but only one concrete proposal, from SkyEurope's largest
shareholder York Global Finance II S.à.r.l. ("York"). York has proposed
acquiring for a nominal purchase price all the shares in SkyEurope's operating
company, SkyEurope Airlines a.s., and a 3 % share in SkyEurope Hungary Asset
Management Limited Liability Company. York will also assume SkyEurope Airlines
a.s.' liabilities and certain liabilities of the Company. While Rothschild and
the Company will continue to look for alternative investors who might ascribe a
higher value to the Company's airline business, the board of SkyEurope has
decided that the future of the airline is best served by entering into
negotiations with York on the basis of its proposal whilst remaining open for
negotiations based on any other concrete proposals in the best interest of the
Company. Once completed, the transaction would be followed by a significant
capital injection by York to satisfy SkyEurope Airline a.s.´ liquidity needs.
The transaction is subject to negotiation, corporate approvals (a notice for an
Extraordinary General Meeting will be sent to shareholders shortly) and
regulatory approvals.
end of announcement euro adhoc
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(END) Dow Jones Newswires
October 14, 2008 14:54 ET (18:54 GMT)
© 2008 Dow Jones News
