Outlook very uncertain due to lenders' actions - negotiations with Platinum Equity terminated
(Thomson Reuters ONE) -
Elcoteq SE
Stock Exchange Release
August 5, 2011 at 15:00 (EET)
The revolving credit facility lenders have continued their enforcement actions
against the Company and have, among other actions, blocked certain bank accounts
of the Company and seized the payments of Elcoteq's customers in Europe and US.
Due to these actions, the future business outlook is very uncertain and the
company is only partially able to control its business processes.
Elcoteq announced on 30 June, 2011 that it had signed a conditional, non-binding
Term Sheet with Platinum Equity concerning a major equity and debt investment.
The investment was dependent on, among other things, Elcoteq's current revolving
credit facility lenders and the Company's other main lenders agreeing on
restructuring of current debt. Platinum Equity has informed Elcoteq that it has
terminated its evaluation of a potential investment in Elcoteq. According to
Platinum Equity, it was no longer possible for them to structure the intended
transaction within the context of the actions taken by the revolving credit
facility lenders against Elcoteq.
Elcoteq will initiate discussions with other potential investor candidates and
relies on continuous support from the Company's customers to keep the Company's
operations running. Elcoteq will review and reconsider the prospects of
continuing the controlled management process in Luxembourg together with the
experts appointed by the court.
ELCOTEQ SE
The Board of Directors
Contact:
Markus Skrabb, Senior Vice President, Legal Affairs tel. +358 10 413 11.
Olli-Pekka Vanhanen, Senior Vice President, Business Control and Accounting tel.
+358 10 413 11.
About Elcoteq
Elcoteq SE is an experienced Life Cycle Service Partner in electronics with a
global network of service centers. Elcoteq provides a wide range of services to
original equipment manufacturers (OEM) and to service providers such as
operators, retailers and insurance companies.
Elcoteq's Electronics Manufacturing Services (EMS) Business Segment provides
global supply chain solutions such as Engineering and Manufacturing Services but
also technology and component Sourcing, custom Configuration, Testing, Delivery
and other product supply related Services. EMS products range from control and
security, communications infrastructure and lighting solutions to special
purpose mobile devices and home entertainment systems.
Elcoteq's After Market Services (AMS) Business Segment provides globally reverse
supply chain solutions for its customers consisting of Reverse Logistics, Depot
Repair, Refurbishment, Recycling and Salvaging Services as well as AMS specific
Engineering and Customer Support Services. AMS products range from mobile
phones, tablets, flat panel TV's and set-top boxes to personal navigation and
gaming devices.
Elcoteq SE is listed on the NASDAQ OMX Helsinki Ltd. For more information visit
the Elcoteq website at www.elcoteq.com
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: Elcoteq SE via Thomson Reuters ONE
[HUG#1536572]
Unternehmensinformation / Kurzprofil:
Datum: 05.08.2011 - 14:02 Uhr
Sprache: Deutsch
News-ID 57021
Anzahl Zeichen: 3862
contact information:
Town:
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Kategorie:
Business News
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"Outlook very uncertain due to lenders' actions - negotiations with Platinum Equity terminated"
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