DGAP-News: Schaltbau Holding AG / Key word(s): Investment
Munich (Germany), 15 April 2019. After Schaltbau Holding AG ("Schaltbau") had put its Spanish subsidiary Albatros S.L.U. ("Sepsa") up for sale in November 2017, Sepsa filed an application for liquidation today, driven by the current financial situation of the company. At the same time, Indian rail supplier Medha Servo Drives Pvt. Ltd. ("Medha") made an offer for acquiring Sepsa's key assets from the liquidation mass, in order to continue Sepsa's operations. The proposed transaction is backed by Sepsa's employees and key customers, but is subject to approval by the liquidation court. Sepsa's business operations are to be continued during the liquidation proceedings and following the acquisition by Medha.
As communicated previously, Schaltbau has issued various guarantees for the benefit of customers, banks and suppliers of Sepsa, with around EUR 8 million at risk. The continuation of Sepsa's operative business would reduce the risk of guarantee drawdowns. It is not yet possible to make a precise estimate of the possible extent of the drawdowns. There is no additional impact on profitability expected from the initiation of the liquidation proceedings.
15.04.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Schaltbau Holding AG|
|Phone:||+49 89 - 93005 - 209|
|Fax:||+49 89 - 93005 - 398|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange|
|EQS News ID:||800211|
|End of News||DGAP News Service|