Elcoteq Continues with Balance Sheet Restructuring
(Thomson Reuters ONE) - Elcoteq SEStock Exchange ReleaseOctober 21, 2009 at 11.30 am (EET)Elcoteq stated in July 2009 that it is the company's intention, inagreement with its relevant creditors, to restructure its interestbearing debt as an integral part of the project to strengthen itsbalance sheet. This planned restructuring will require, among otherthings, measures to be taken with respect to the company'soutstanding debentures. The company held a meeting with its debentureholders on September 3, 2009 to amend the terms and conditions of itsdebentures. These amendments were made in order to be able to carryout the needed actions.Pohjola Corporate Finance as the advisor of Elcoteq will approachdebenture holders with a concrete proposal whereby the debentureholders would be requested to make irrevocable commitment to sell theholder's debentures at a price of 25% of the nominal value plus theaccrued interest. Elcoteq is planning a structure in which apotential investor would buy the debentures and possibly subsequentlyconvert the debentures to shares in Elcoteq. According to the planElcoteq shall retain the right to withdraw its proposal.ELCOTEQ SEMinna Aila, Director, Communications and Corporate ResponsibilityFurther information:Mikko Puolakka, CFO, tel. +358 10 413 11About ElcoteqElcoteq SE is a leading electronics manufacturing services (EMS)company in the communications technology field. Elcoteq's globalservice offering covers the entire lifecycle of products, fromproduct development to after-market services. By further combiningmechanics expertise into its service offering, Elcoteq's vision is tobe a leading integrated electronics manufacturing services (IEMS)company.Elcoteq provides global end-to-end solutions consisting of productdevelopment services, supply chain management, NPI, manufacturing,and after market services for the whole lifecycle of its customers'products. These products include Consumer Electronics products suchas mobile and wireless phones, their parts and accessories, set-topboxes, flat panel TVs and other consumer products as well as SystemSolutions products such as wireless and wireline infrastructuresystems and modules, enterprise network products and other industrialsegment products.The Group's consolidated net sales for 2008 totaled 3.4 billion eurosand it employs approximately 13,000 persons. Elcoteq SE is listed onthe Nasdaq OMX Helsinki Ltd. For more information visit the Elcoteqwebsite at www.elcoteq.com.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 21.10.2009 - 10:30 Uhr
Sprache: Deutsch
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