EQS Group-Ad-hoc: Airopack Technology Group AG / Key word(s): Financing
Airopack Technology Group - Update on Enforcement of Pledge over Shares in I.P.S.B.V.
Baar, 8 March 2019 - Airopack Technology Group AG ("Airopack") announced today that the Dutch court has granted permission for the enforcement of the pledge over the shares in its indirect Dutch subsidiary I.P.S. B.V. as requested by the major lenders. The court further declared that today's decision is immediately enforceable notwithstanding appeal. Under Dutch procedural laws, an appeal of such a decision is only possible in extraordinary circumstances. Accordingly and as anticipated in the press release dated 14 February 2019, Airopack Technology Group AG and its direct subsidiary I.P.S. Holding B.V. will now be separated from the operating subsidiaries of Airopack Group. Based on the valuation of the operating subsidiaries as approved by the Dutch court, the pledgor I.P.S. Holding B.V. will not receive any proceeds from the enforcement and guarantee liabilities remain outstanding towards the major lenders by Airopack Technology Group AG and I.P.S. Holding B.V.
Airopack is continuing discussions with major lenders to seek a full release of such guarantee liabilities which is an important element in Airopack's efforts to exit the provisional composition moratorium.
The board of directors will provide further updates as needed.
Blegistrasse 5/1 OG
Daniel Eicher / Theresia Tolxdorff
End of ad hoc announcement
|Company:||Airopack Technology Group AG|
|Listed:||SIX Swiss Exchange|
|End of Announcement||EQS Group News Service|
785511 08-March-2019 CET/CEST