DGAP-News: SiC Processing GmbH: Preliminary assessment of expected recovery for creditors
(firmenpresse) - DGAP-News: SiC Processing GmbH / Key word(s): Miscellaneous
SiC Processing GmbH: Preliminary assessment of expected recovery for
creditors
14.01.2013 / 20:15
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Hirschau, January 14, 2013 - After the filing for approval of protective
shield proceedings on 18 December 2012 the management of SiC Processing
estimates after a preliminary assessment that the quota for recovery, if
any, of unsecured creditors will be significantly lower than reflected in
the current market price quoted for the bonds of the company. This is a
consequence of the dramatic decline of the solar industry and the impact on
the company and its customer base. The final recovery quota for unsecured
creditors will be determined and published in the restructuring plan after
being confirmed by the court.
This preliminary assessment of the management is based on preliminary
figures and has not been audited or reviewed by the company's auditor. The
preliminary figures have been based on certain assumptions which are
subject to management estimates such as write-downs of assets, in
particular the value of shares in operating subsidiaries, a preliminary
calculation of liquidation proceeds for unsecured creditors and preliminary
investor interest.
Register on our Website under
http://www.sic-processing.com/index.php/Newsletter.html
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About SiC Processing GmbH:
SiC Processing GmbH is the leader for recycling of slurry from water sawing
processes of PV and semiconductor industries. The SiC Processing group has
established itself in a timeframe of only eleven years as global leader for
the recycling of slurry. The production sites are located in Germany, China
and the US. In Italy, SiC Processing runs a sales agency, while the site in
Norway was shut down mid of 2012 following bankruptcy of the Norwegian
customer. To date, the group employs 705 employees. Beside the majority
shareholder Nordic Capital Fund VII, the founder family has a shareholding
of 25 per cent in the Company. You can find more information at
www.sic-processing.com.
Press Contact:
Markus Kreuzer
Head of Marketing and Communications
Telephone: 0049 (0) 9622 - 70 39 273
E-Mail: markus.kreuzer(at)sic-processing.de
N.B. The text in English is a courtesy translation from German only. In the
event of any discrepancies between the two, the German original text shall
prevail.
End of Corporate News
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199009 14.01.2013
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Datum: 14.01.2013 - 20:15 Uhr
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