DGAP-News: SiC Processing GmbH: Deferral of payments agreed with major creditors to avoid pending liquidity shortfall
(firmenpresse) - DGAP-News: SiC Processing GmbH / Key word(s): Miscellaneous
SiC Processing GmbH: Deferral of payments agreed with major creditors
to avoid pending liquidity shortfall
05.11.2012 / 11:46
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Hirschau, November 5, 2012 - significant payment delays of certain
customers, combined with substantial volume and price declines, pending
liabilities from the expansion program of the last two years and a parent
guarantee caused a situation, where SiC Processing GmbH (ISIN DE000A1H3HQ1)
would not have been able to meet its payment obligations. The parent
guarantee for a rental contract was called upon after the insolvency of REC
Wafer Norway AS, the sole customer of SiC Processing AS. SiC Processing
GmbH's liquidity difficulties came about in an extremely challenging
situation for the solar industry exemplified by high price pressure and
continued overcapacities.
When the aforementioned difficulties emerged, the management board of SiC
Processing GmbH initiated discussions for a deferral of payment with major
creditors. These creditors - the Norwegian landlord of SiC Processing AS, a
major supplier of SiC recycling lines and a shareholder of SiC Processing
GmbH - agreed to defer their outstanding debits until February 28, 2013.
This secures the solvency of SiC Processing GmbH until February 28, 2013
and ensures from today's perspective SiC's ability to pay its obligations
to its suppliers due in this period in the ordinary course of business.
To ensure liquidity after February 28, 2013, the management board of SiC
Processing GmbH together with its shareholders will develop a restructuring
plan in the coming weeks. This plan will subsequently be presented to major
creditors as well as the holders of the SiC Processing bond. It is the
intention to implement a restructuring plan, that ensures the long-term
competitive position of SiC Processing in a market expected to be
challenging for the foreseeable future, by February 28, 2013.
Please register at our website
http://www.sic-processing.com/index.php/Newsletter.html to automatically
receive the latest news of SiC Processing group.
SiC Processing GmbH
SiC Processing GmbH is the leading provider for the recovery of used slurry
from the photovoltaic and the semiconductor industry. With 773 employees
worldwide (as of end September 2012) the group is located in 5 countries
all over the world - production sites in Germany, China, Norway and US -
Sales Office in Italy. The founder family holds a 25% stake beside the
majority shareholder Nordic Capital Fund VII.
Press Contact:
Markus Kreuzer
Head of Marketing and Communications
Phone: 0049 (0) 9622 - 70 39 273
E-Mail: markus.kreuzer(at)sic-processing.de
End of Corporate News
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191475 05.11.2012
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Datum: 05.11.2012 - 11:46 Uhr
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News-ID 199289
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