Dow Jones received a payment from EQS/DGAP to publish this press release.
DGAP-Media / 2019-02-05 / 11:48
*- Local Court in Munich terminates insolvency proceedings in self
administration after successful implementation of insolvency pla
- World leader in desulfurization of raw iron and in cored wire after debt
relief now again with solid balance *
_Munich, February 5, 2019_ - Insolvency of SKW Stahl-Metallurgie Holding AG
has been successfully terminated. Local Court in Munich (Amtsgericht
München) has offset by February 1, 2019 the insolvency proceedings in self
administration initiated at the end of 2017, all such after the insolvency
plan has been successfully implemented. Before, 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.
After SKW Group itself could implement an operative restructuring, this
means, that SKW Holding with such debt relief now is also financially
restructured. This because US-Finance Investor Speyside Equity has swapped
an essential part of his credit claims against the Company in equity.
Speyside now owns 100 % of shares in SKW Holding. The remaining credit
claims are provided by the new shareholder as a long term loan in order to
finance the operative business of SKW Group.
Former shareholders have exited the Company after their shares have been
transferred to Speyside Equity. SKW share (DE000SKWM021) has been delisted
by January 15, 2019. For all non-subordinated insolvency creditors, the
insolvency plan provides for full economic satisfaction of 100% of their
respective claims.
*SKW CEO Dr. Kay Michel:* "By termination of insolvency SKW Holding now
finally is again a normalized company with sufficient capital base and
standard market debt ratio. In this regard my special thanks go to all the
employees in our group who succeeded, during the insolvency proceedings that
took much longer than expected, not only to sustain our operative business
but event to further develop it."
*Custodian Dr. Christian Gerloff* (Gerloff Liebler Rechtsanwälte): "In many
views these were extraordinary proceedings taking much longer than necessary
because of permanent opposition by a group of shareholders. Even better that
in such case we managed to continue the business operations and to avoid job
cuts, all that linked with a full satisfaction of all creditors."
*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).
End of Media Release
Issuer: SKW Stahl-Metallurgie Holding AG
2019-02-05 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,
Financial/Corporate News and Press Releases.
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
772593 2019-02-05
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=e1533592b5009e9827df96a86baf969c&application_id=772593&site_id=vwd&application_name=news
(END) Dow Jones Newswires
February 05, 2019 05:48 ET (10:48 GMT)
© 2019 Dow Jones News
