RHJ International Announces Settlement of Outstanding Balance of Credit Facilities Made Available to Honsel
(Thomson Reuters ONE) -
Brussels, August 3, 2011 - RHJ International ("RHJI") announces an agreement on
the settlement of various outstanding amounts advanced to its insolvent
subsidiary, Honsel AG, and its subsidiaries. The outstanding amounts include
loans made under backstop and liquidity revolving credit facilities and amounts
owed under factoring and sale and lease back arrangements. Under the terms of
the settlement agreement and following repayment of certain amounts since the
start of the insolvency proceedings, RHJI will ultimately recover around EUR
20.5 million out of an aggregate EUR 35.1 million which was outstanding at the
time of Honsel AG's filing for insolvency on October 25, 2010.
The settlement agreement results from the completion of the sale of Honsel AG's
business which was announced on August 1, 2011. On May 5, 2011, Honsel AG
announced that a committee of creditors, appointed as part of the insolvency
proceedings, had agreed to a sale of the business to Canadian metal products
maker Martinrea and financial investor Anchorage. The settlement agreement
provides for the settlement and partial repayment of the balances owed under all
facilities made available to Honsel AG and its subsidiaries by RHJI, with any
unpaid amounts of those balances being waived as part of the settlement, except
for a factoring agreement with Tafime, SL, Honsel's Spanish subsidiary, under
which RHJI will continue to purchase receivables up to an aggregate outstanding
balance of EUR 2 million for a period of one month after completion of the sale
of the Honsel AG business. Tafime, SL will repurchase any outstanding
receivables under this factoring facility upon its termination.
About RHJ International:
RHJ International (Euronext: RHJI) is a limited liability company incorporated
under the laws of Belgium, having its registered office at Avenue Louise
326, 1050 Brussels, Belgium. RHJI is transforming itself from a diversified
industrial holding company into an active and dynamic financial services group.
For further information visit: www.rhji.com.
For further information please contact:
Arnaud Denis
Investor Relations Director
Tel: +32 2 643 60 13
E-mail:adenis(at)rhji.com
This press release contains certain forward-looking statements concerning RHJI's
operations, economic performance and financial condition. Such forward-looking
statements are based on management's current expectations, estimates and
projections and are subject to a number of assumptions and involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of RHJI to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. RHJI has no obligation to publicly update or
release any revisions to these forward-looking statements to reflect events or
circumstances after the date of this press release.
Full Press Release (PDF):
http://hugin.info/135946/R/1535267/468109.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: RHJ International SA via Thomson Reuters ONE
[HUG#1535267]
Unternehmensinformation / Kurzprofil:
Datum: 03.08.2011 - 17:40 Uhr
Sprache: Deutsch
News-ID 56948
Anzahl Zeichen: 4021
contact information:
Town:
Brussels
Kategorie:
Business News
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