SKW Stahl Metallurgie : Court confirms insolvency plan for SKW Stahl-Metallurgie Holding AG
August 14, 2018 at 07:10 am
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DGAP-Ad-hoc: SKW Stahl-Metallurgie Holding AG / Key word(s): Insolvency
Court confirms insolvency plan for SKW Stahl-Metallurgie Holding AG
14-Aug-2018 / 13:05 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Munich, August 14, 2018 - By resolution dated August 14, 2018, the local court in Munich (Insolvency Court) has confirmed the insolvency plan for SKW Stahl-Metallurgie Holidng AG. This was preceded by the approval of all groups of creditors during the creditors' meeting on July 23, 2018. The denial of the insolvency plan by the shareholders (who form a separate group) during the creditors' meeting, was substituted by the court by referring to the prohibition to obstruct (Sec. 245 Insolvency Code).
The resolution of the court is appealable within 14 days. As soon as the insolvency plan becomes legally binding, its execution can be initiated.
During the on-going insolvency proceeding under self-administration, the insolvency plan determines all measures for the financial restructuring of the Company. To this end, a considerable part of the credit claims held by the US based investor Speyside Equity against SKW Holding, will be swapped into equity, associated with the current shareholders exiting the Company. For all none-subordinated insolvency creditors, the insolvency plan provides for economic full satisfaction of their claims in the amount of 100%.
Contact:
Frank Elsner
Frank Elsner Kommunikation für Unternehmen GmbH
Phone: +49 89 99 24 96 30
E-Mail: office@elsner-kommunikation.de
Internet: www.skw-steel.com
14-Aug-2018 CET/CEST 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
SKW Stahl Metallurgie Holding AG is a Germany-based steel refining company. The Company is engaged in both primary metallurgy, which refers to processing or ore into liquid iron, and secondary metallurgy, which includes refining the liquid iron into steel of different quality levels for use in a multitude of industries, from steel girders for building to sheets for the automotive industry. The Company also produces nodulizer cored wires, inoculant cored wires and desulfurizer cored wired, which are used in desulfurizing cast iron in the cupola furnaces melting processes. The Company provides cored wire under the Affival brand, solutions for the desulfurization of hot metal and refinement of liquid steel under the ESM brand, and slag conditioners, including sintered synthetic slags, under the Tecnosulfur brand.