Valartis Group AG, Baar, under provisional moratorium; application for a definitive moratorium will be submitted today
(Thomson Reuters ONE) -
Valartis Group AG /
Valartis Group AG, Baar, under provisional moratorium; application for a
definitive moratorium will be submitted today
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The issuer is solely responsible for the content of this announcement.
* On 21 July 2015, the Board of Directors of Valartis Group AG submitted an
application for a provisional moratorium to the Cantonal Court of Zug which
was approved on 24 July 2015 for a period of four months, with a waiver on a
public announcement. The law firm Holenstein attorneys-at-law Ltd, Zurich,
was designated as provisional administrator. The Board of Directors of
Valartis Group AG has now determined that the recovery plan cannot be
successfully implemented within that four-month period and is therefore
today submitting an application for a definitive six-month moratorium to the
Cantonal Court of Zug.
* The need for financial recovery of Valartis Group AG results from a
temporary squeeze on liquidity. The Valartis Group reorganisation in 2014
encompassed internal financing in favour of the Swiss parent company as well
as Valartis Finance Holding AG, based in Liechtenstein. This group internal
financing may possibly conflict with the Capital Requirements Regulation
(CRR) in Liechtenstein and Austria, which came into effect on 1 February
2015. Furthermore, the group-internal lenders have in accordance with the
loan contracts terminated all loans.
* Valartis Group AG and Valartis Finance Holding AG are now experiencing
difficulties in connection with the repayment of those liabilities. As at
31 October 2015, Valartis Finance Holding AG's liabilities due to group-
internal creditors amount to around EUR 64 million, and approximately
CHF 39 million. As at 31 October 2015, Valartis Group AG's group-internal
liabilities amount to approximately CHF 8 million. In addition, Valartis
Group AG also has an obligation to an external creditor amounting to
approximately EUR 18 million payable as at 31 October 2015, which also could
not be honoured by Valartis Group AG.
* On 18 September 2015, the Liechtenstein financial holding company, Valartis
Finance Holding AG, submitted an application for postponement of bankruptcy
to the Princely Court of Justice in Liechtenstein. On 28 October 2015, the
Princely Court of Justice granted the postponement of bankruptcy for four
months, with a waiver on a public announcement. Valartis Finance Holding AG
was appointed a commissioner who was entrusted with the management of the
company.
* Valartis Group AG (individually and on a consolidated basis) and Valartis
Finance Holding AG are not over-indebted. Both companies retain their
adequate equity capital base together with sufficient assets to enable them
to implement the existing recovery plans within a reasonable period of time.
These holding companies do not employ any personnel. In accordance with
Basel III, the total capital ratio for Valartis Finance Holding Group
amounted to 18 percent as at 30 June 2015 and for Valartis Group (on a
consolidated basis) 24 percent.
* The Board of Directors' primary objective is now to cure the temporary
liquidity squeeze at Valartis Group AG and Valartis Finance Holding AG on
the basis of the existing recovery plans as quickly as possible.
Valartis Bank (Liechtenstein) AG and Valartis Bank (Austria) AG are not affected
The liquidity squeeze is affecting exclusively Valartis Group's holding
companies in Switzerland and Liechtenstein. Valartis Group's two private banks
in Liechtenstein and Austria - Valartis Bank (Liechtenstein) AG and Valartis
Bank (Austria) AG - and their clients are not affected by the moratorium or by
the postponement of bankruptcy. The banks retain their very high level of
liquidity. Valartis Bank (Liechtenstein) AG and Valartis Bank (Austria) AG will
continue their businesses in the ordinary course.
As the holding company for Valartis Group, Valartis Group AG fundamentally
reorganised both the group structure and the internal financing structure
following divestment of its Swiss bank in 2014. All the material activities of
the private banking and wealth management units in Liechtenstein and Austria,
together with the private equity segment, were brought together under Valartis
Finance Holding AG in Liechtenstein. This financial holding was incorporated on
27 June 2014 in Liechtenstein during the course of the Valartis Group
reorganisation and is subject to consolidated banking supervision by the
Financial Market Authority (FMA) Liechtenstein.
Status of implementation of recovery planning at Valartis Group AG
Against the background of the need for financial recovery at the holding
companies in Switzerland and in Liechtenstein, the Boards of Directors of
Valartis Group AG and of Valartis Finance Holding AG have decided to divest the
two private banks in Liechtenstein and Austria - Valartis Bank (Liechtenstein)
AG and Valartis Bank (Austria) AG - with a view to implementing the recovery
plans. In Liechtenstein and in Austria sales discussions are taking place and
negotiations are pressing ahead. Currently, no concluding decisions have yet
been taken. It is expected that these transactions will be completed by end-
December 2015. The outcome will be communicated in due course.
Valartis Group is withdrawing from private banking
The Board of Directors of Valartis Group AG has decided that Valartis Group
should renounce its private banking business model and focus its future strategy
on its private equity, real estate management and financial services activities
in order to position itself as an investment company.
Agenda
Results media conference 2016 12 April 2016
General Meeting 2016 11 May 2016
For further information, please contact:
Kim-My Schefer, Head Corporate Communications & Marketing
Tel. +41 44 503 54 02, corporate.communications(at)valartis.ch
Valartis Group
Valartis Group is an international banking and finance group represented today
with offices in Liechtenstein, Austria, Switzerland as well as Luxembourg and
Moscow. The Group's holding company is domiciled in Switzerland and is listed on
the SIX Swiss Exchange. Valartis Finance Holding AG in Liechtenstein comprises
the operations of the private banking and wealth management divisions, together
with the private equity operations of ENR Russia Invest S.A. Valartis Finance
Holding AG is subject to the consolidated banking supervision by the Financial
Market Authority of Liechtenstein (FMA). Valartis Group focuses on the wealth
management business for wealthy private clients and institutional investors in
addition to traditional wealth management and investment advisory, it develops,
manages and markets innovative niche investment products and offers specialized
product packages. In doing so, Valartis Group combines a wide range of
traditional private banking services with specialized advisory and classical
banking services in the fields of Asset Management, Corporate Finance and
Private Equity together with innovative investment products in the categories
Stocks, Fixed Income, Alternative Investments and Real Estate. Valartis Group's
core markets include Central and Eastern Europe, the Middle East and certain
countries in North and South America and Asia.
www.valartisgroup.ch
Press release (PDF):
http://hugin.info/143135/R/1966910/718365.pdf
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(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: Valartis Group AG via GlobeNewswire
[HUG#1966910]
Unternehmensinformation / Kurzprofil:
Datum: 16.11.2015 - 06:30 Uhr
Sprache: Deutsch
News-ID 434675
Anzahl Zeichen: 8948
contact information:
Town:
Baar ZG
Kategorie:
Business News
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