3W Power S.A. / AEG Power Solutions
3W Power S.A. / AEG Power Solutions: Creditors and Local Court Approved Restructuring Plan for German Subsidiary
DGAP-News: 3W Power S.A. / AEG Power Solutions / Key word(s): Strategic Company Decision
– Creditor meeting and the local court of Arnsberg, Germany approved Restructuring plan for German subsidiary – Proceeding over German subsidiary to be lifted by the end of April 2017. after which the debtor-in-possession proceedings of the German entity is completed April 7, 2017, Luxembourg / Zwanenburg, The Netherlands. 3W Power S.A. (ISIN LU1072910919, 3W9K), the holding of AEG Power Solutions Group, announced that the restructuring plan for its German subsidiary AEG Power Solutions GmbH was unanimously approved by the subsidiary’s creditor meeting held yesterday in Arnsberg, Germany. The local court of Arnsberg also confirmed the plan yesterday. The confirmation of the court repealing the debtor-in-possession proceeding over AEG Power Solutions GmbH l is expected to take effect at the end of April 2017. Jeffrey Casper, CEO of 3W Power S.A., said: “We have come a long way in the restructuring of our Germany subsidiary and are now nearing its completion. I’m conscious of the efforts that have been made and that we still need to make to implement our new processes internally but this step represents a crucial milestone in our group-wide transformation. We are building a more agile, customer-oriented structure to serve our core markets sustainably and profitably. Since the initiation of the proceeding in Germany in November 2016, we have been focused on serving our customers and the execution of existing orders has remained on schedule. This was accomplished thanks to the dedication of our teams and to the trust and loyalty of our customers, business partners and creditors. Speaking for the whole management team and the employees of AEG Power Solutions, I would like to expressly thank our stakeholders for their contributions.” Subsequent to the agreement to the restructuring plan for its German subsidiary, 3W Power S.A. plans to publish its annual results for fiscal year 2016 by the end of April 2017. The Annual General Meeting of 3W Power S.A. is scheduled for June 28, 2017, in Luxemburg. — End of the Press Release — About 3W Power: For more information, visit www.aegps.com Press contact: Investor Relations contact: This communication does not constitute an offer or the solicitation of an offer to buy, sell or exchange any securities of 3W Power. This communication contains forward-looking statements which include, inter alia, statements expressing our expectations, intentions, projections, estimates, and assumptions. These forward-looking statements are based on the reasonable evaluation and opinion of the management but are subject to risks and uncertainties which are beyond the control of 3W Power and, as a general rule, difficult to predict. The management and the company cannot and do not, under any circumstances, guarantee future results or performance of 3W Power and the actual results of 3W Power may materially differ from the information expressed or implied in the forward-looking statements. As a result, investors are cautioned against relying on the forward-looking statements contained herein as a basis for their investment decisions regarding 3W Power.
07.04.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | 3W Power S.A. / AEG Power Solutions |
19, rue Eugène Ruppert | |
L-2453 Luxemburg | |
Grand Duchy of Luxembourg | |
Phone: | +31 20 4077 800 |
Fax: | +31 20 4077 801 |
E-mail: | janine.rechel@aegps.com |
Internet: | www.aegps.com |
ISIN: | LU1072910919, DE000A1A29T7, |
WKN: | A114Z9 , A1A29T, |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Munich, Tradegate Exchange |
End of News | DGAP News Service |