Dow Jones received a payment from EQS/DGAP to publish this press release.
DGAP-Media / 2018-11-29 / 16:24
By release procedure, the Appellate Court Munich (_Landgericht München_)
rejects two complaints against the approval of the insolvency plan and
thereby clears the way
_Munich, November 29, 2018_ - The way to achieve a financial restructuring
of SKW Stahl-Metallurgie Holding AG is now cleared: By decision in date
November 28, 2018 the Appellate Court Munich (_Landgericht München_) has
rejected the last pending of two complaints filed against the confirmation
of the insolvency plan by the competent insolvency court on August 14, 2018,
by granting the motions of relief according to sec. 253 para. 4 Insolvency
Code, as requested by the Company. Basically, this provision allows to
reject a complaint in an expedited proceeding, if the disadvantages of
further delaying the execution of the insolvency plan prevail.
Thereby the insolvency plan comes into force and can be executed. The plan
determines all measures for the financial restructuring of the Company.
Current shareholders exit the Company by transfer of their shares to the US
investor Speyside Equity. Furthermore, after a capital decrease to zero, the
insolvency plan provides for a swap of a major part of credit claims
acquired by the Speyside Equity into equity of SKW Holding.
With the implementation of these capital-related measures, SKW's shares will
become delisted (DE000SKWM021). For all non-subordinated insolvency
creditors, the insolvency plan provides for full economic satisfaction of
100% of their respective claims.
*Dr. Kay Michel, CEO of SKW*: "I am very pleased that the court has accepted
our motion of release and the irresponsible legal delaying tactics of a
group of shareholders surrounding the chairman of the supervisory board Dr.
Olaf Marx have thus been stopped. Now we will finally have again a positive
equity and a gearing-rate in accordance with market standards. Because SKW
Group is operating in a very challenging market environment, which requires
our full attention we have to focus again on business challenges and
intensify our look ahead."
*Contact*
Frank Elsner
Frank Elsner Kommunikation für Unternehmen GmbH
Telefon: +49 89 99 24 96 30
E-Mail: office@elsner-kommunikation.de
Internet: www.skw-steel.com [1]
*About SKW Stahl-Metallurgie Holding AG and the SKW Metallurgie Group*
The SKW Metallurgie Group is a global market leader for chemical additives
for hot metal desulphurization and for cored wire and other products for
secondary metallurgy. The Group's products enable steel-makers to
efficiently manufacture high-quality steel products. Clients include the
world's leading companies in the steel industry. The SKW Metallurgie Group
has more than 50 years of metallurgical know how, and currently operates in
more than 40 countries. What is more, the Group is a leading supplier of
Quab specialty chemicals, which are mainly used in the global production of
industrial starch for the paper industry. The SKW Metallurgie Group is
headquartered in Germany with production facilities in France, the US,
Canada, Mexico, Brazil, South Korea, Russia, the Peoples' Republic of China
and India (joint venture). Shares of SKW Stahl-Metallurgie Holding AG have
been listed in Frankfurt Stock Exchange's Prime Standard since December 1,
2006; since 2011 (conversion to name shares) with ISIN DE000SKWM021.
*Disclaimer*
This press release may include certain forward-looking statements which are
based on currently available assumptions and predictions of the SKW
Metallurgie Group's management as well as on other currently available
information. Various identified as well as unidentified risks and
uncertainties as well as other factors may result in a deviation of actual
results, financial situation, development or achievement of the company
compared to the assessments made herein. SKW Stahl-Metallurgie Holding AG
does not intend and assumes no liability to update such forward-looking
statements and to adjust them to future events and developments.
Contact:
Frank Elsner
Telefon: +49 89 99 24 96 30
E-Mail: office@elsner-kommunikation.de
End of Media Release
Issuer: SKW Stahl-Metallurgie Holding AG
2018-11-29 Dissemination of a Press Release, transmitted by DGAP - a service
of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
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Archive at www.dgap.de
Language: English
Company: SKW Stahl-Metallurgie Holding AG
Prinzregentenstr. 68
81675 München
Germany
Phone: +49 (0)89 5998923-0
Fax: +49 (0)89 5998923-29
E-mail: info@skw-steel.com
Internet: www.skw-steel.com
ISIN: DE000SKWM021
WKN: SKWM02
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP Media
752907 2018-11-29
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(END) Dow Jones Newswires
November 29, 2018 10:24 ET (15:24 GMT)
