Elcoteq SE files for bankruptcy
(Thomson Reuters ONE) -
Elcoteq SE
Stock Exchange Release
October 6, 2011 at 17.15 (EET)
Elcoteq SE has today filed for bankruptcy in Luxembourg. During the last months,
the Company had entered into discussions with the revolving credit facility
lenders as well as the Company's key customers in an attempt to save the
Company. Despite of the Company's continuous cost reduction measures and
thorough efforts to restructure the Company's debt, Elcoteq was unfortunately
not able to find a solution that would have been acceptable to the revolving
credit facility lenders. The proposal for a recovery plan set forth jointly by
Elcoteq and its key customers was rejected by the lenders, who required the
Company's customers to waive their rights and increase their exposure instead.
Approximately 15% of the original 230 million euro revolving credit facility
remains outstanding. The lenders continued their enforcement actions against the
Company by freezing the Company's bank accounts, by preventing the Company's
payment transactions as well as by preventing the accounts receivable to be paid
to the Company. As a consequence, Elcoteq SE is no longer able to continue its
operations and there are no longer any prerequisites for the Company to continue
the controlled management procedure in Luxembourg. Hence, the Company was forced
to file for bankruptcy.
ELCOTEQ SE
The Board of Directors
Contact:
Olli-Pekka Vanhanen, Senior Vice President, Business Control and Accounting,
tel. + 358 10 413 11
Markus Skrabb, Senior Vice President, Legal Affairs, tel. + 358 10413 11
Jean-Jacques Bernard, Senior Legal Counsel (Luxembourg), tel. +352 621 378 341
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#1552810]
Unternehmensinformation / Kurzprofil:
Datum: 06.10.2011 - 16:15 Uhr
Sprache: Deutsch
News-ID 73641
Anzahl Zeichen: 3843
contact information:
Town:
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Kategorie:
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