EQS Group-Ad-hoc: Airopack Technology Group AG / Key word(s): Agreement
Airopack Technology Group - Agreement reached with Major Lenders
23-Jul-2019 / 06:13 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
/
Airopack Technology Group - Agreement reached with Major Lenders
*Baar, 23 July 2019* - Airopack Technology Group AG ("*Airopack*") announced
today that by decision dated 22 July 2019, the Cantonal Court of Zug, at the
request of Airopack and its administrator, has approved certain agreements
entered into by Airopack and its sole remaining subsidiary I.P.S. Holding
B.V. with the major lenders. Under the agreements and as anticipated in the
press release dated 11 February 2019, Airopack and I.P.S. Holding B.V. will
receive an amount of EUR 2 million. Airopack and I.P.S. Holding B.V. will
further be released from all of their residual guarantee obligations in a
nominal amount in the range of EUR 30 million which were assumed by Airopack
and I.P.S. Holding B.V. in connection with the financing of the former
Airopack Group. All other security interests granted by Airopack and I.P.S.
Holding B.V. for such financing have also been released.
In consideration, Airopack has agreed, amongst others, to assign certain IP
rights which are no longer required by it to I.P.S. B.V. (which was
previously owned by I.P.S. Holding B.V. and subsequently separated from
Airopack), and Airopack has further entered into an agreement on the
coordination of steps and the sharing of potential proceeds in relation to
certain liability claims Airopack may have. It is not clear at this stage
whether any such claims exist and will be pursued. Furthermore, I.P.S.
Holding B.V. has agreed to transfer certain minority shares and tax loss
carry forwards no longer required by it. Court approval was required in view
of the contemplated transfer of certain IP rights by Airopack.
The conclusion of the agreements is an important milestone in the
restructuring efforts of Airopack. The additional liquidity of EUR 2 million
is, however, not sufficient to satisfy all liabilities to creditors which
have filed claims in the composition proceedings. Airopack will continue
discussions with its creditors with a view to finding a solution to
eventually exit the definitive moratorium.
The Board of Directors will provide further updates, in particular on the
progress as needed.
*Contacts:*
Airopack Technology Group AG
Antoine Kohler, Chairman
Blegistrasse 5/1 OG
CH-6340 Baar
TF: +41 41 768 50 50
www.airopackgroup.com [1]
For investors:
Airopack Technology Group AG
Martin Eberhard
martin.eberhard@rimesa.ch
TF: +41 79 209 77 50
For media:
Tolxdorff Eicher Kollektivgesellschaft
Daniel Eicher / Theresia Tolxdorff
partners@tolxdorffeicher.ch
TF: +41 44 718 25 25
*Disclaimer*
This Ad Hoc Release / Press Release may contain certain
forward-looking statements. In some cases forward looking
statements can be identified by the use of terms such as
"believes", "enables", "estimates", "anticipates", "projects",
"expects", "intends", "may", "will", "seeks" or "should" or
variations thereof, or by discussions of strategy, plans,
objectives, goals, future events or intentions. By their nature,
forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances.
Actual outcomes and results may differ materially from any
outcomes or results expressed or implied by such forward-looking
statements. The success or achievement of various results,
targets and objectives is dependent upon a multitude of factors,
many of which are beyond the control of Airopack. No
representations are made as to the accuracy of such statements
or that such results, targets or objectives will be realized.
www.airopackgroup.com [1]
End of ad hoc announcement
Language: English
Company: Airopack Technology Group AG
Blegistrasse 5
6340 Baar
Switzerland
Phone: +41 417663500
Fax: +41 417663509
E-mail: liebwin.vanlil@airopackgroup.com
Internet: www.airopackgroup.com
ISIN: CH0242606942
Listed: SIX Swiss Exchange
EQS News ID: 844953
End of Announcement EQS Group News Service
844953 23-Jul-2019 CET/CEST
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=26ec27d0679301fe63ce8a1daf26a8df&application_id=844953&site_id=vwd&application_name=news
(END) Dow Jones Newswires
July 23, 2019 00:14 ET (04:14 GMT)
