SKW: insolvency plan comes into force - Appellate Court Munich (Landgericht München) approves the Company's motion for release
November 29, 2018 at 02:40 pm
Share
DGAP-Ad-hoc: SKW Stahl-Metallurgie Holding AG / Key word(s): Insolvency
SKW: insolvency plan comes into force - Appellate Court Munich (Landgericht München) approves the Company's motion for release
29-Nov-2018 / 15:31 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Munich, November 29, 2018 - By decision in date November 28, 2018 the Appellate Court (Landgericht München) granted a motion of release according to sec. 253 para. 4 Insolvency Code, thereby rejecting the last pending of two complaints that had been filed against the competent insolvency court's approval of the insolvency plan of SKW Stahl-Metallurgie Holding AG on August 14, 2018. The insolvency plan thereby comes into force and can now be executed.
The insolvency plan determines all measures for the financial restructuring of the Company. Current shareholders exit the Company by transfer of their shares to Speyside Equity. Furthermore, after a capital decrease to zero, the insolvency plan provides for a swap of a major part of credit claims acquired by the Speyside Equity into equity of SKW Holding. With the implementation of these capital-related measures, SKW's shares will be delisted (DE000SKWM021). For all non-subordinated insolvency creditors, the insolvency plan provides for full economic satisfaction of 100% of their respective claims.
Contact:
Frank Elsner
Frank Elsner Kommunikation für Unternehmen GmbH
Phone: +49 89 99 24 96 30
E-Mail: office@elsner-kommunikation.de
Internet: www.skw-steel.com
29-Nov-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Language:
English
Company:
SKW Stahl-Metallurgie Holding AG
Prinzregentenstr. 68
81675 München
Germany
Phone:
+49 (0)89 5998923-0
Fax:
+49 (0)89 5998923-29
E-mail:
info@skw-steel.com
Internet:
www.skw-steel.com
ISIN:
DE000SKWM021
WKN:
SKWM02
Listed:
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
SKW Stahl Metallurgie Holding AG is a Germany-based steel refining company. The Company is engaged in both primary metallurgy, which refers to processing or ore into liquid iron, and secondary metallurgy, which includes refining the liquid iron into steel of different quality levels for use in a multitude of industries, from steel girders for building to sheets for the automotive industry. The Company also produces nodulizer cored wires, inoculant cored wires and desulfurizer cored wired, which are used in desulfurizing cast iron in the cupola furnaces melting processes. The Company provides cored wire under the Affival brand, solutions for the desulfurization of hot metal and refinement of liquid steel under the ESM brand, and slag conditioners, including sintered synthetic slags, under the Tecnosulfur brand.