SiC Processing GmbH
SiC Processing applies for protective shield at the local court of Amberg
SiC Processing GmbH / Key word(s): Miscellaneous 18.12.2012 / 18:40 --------------------------------------------------------------------- Hirschau, December 18, 2012 - Today, SiC Processing GmbH filed for protective shield proceedings (Schutzschirmverfahren) as debtor-in-possession (Eigenverwaltung) pursuant to sec. 270b of the German Insolvency Code (Insolvenzordnung) and proposed Dr Hubert Ampferl as preliminary supervisor (Sachwalter). Subject to successful filing the Company would have three months to submit an insolvency plan. A ruling by the local court of Amberg regarding the application is still pending. Protective shield proceedings allow a restructuring when illiquidity is only threatening. For this reason the Company has decided to take this step already now. Once the court has admitted the application, the Company will be under creditor protection and would not have to pay the bond coupon due March 1, 2013. About SiC Processing GmbH SiC Processing GmbH is the leader for recycling of slurry from wafer sawing processes of PV and semiconductor industries. The SiC Processing group has established itself in a timeframe of only eleven years as global leader for the recycling of slurry. The production sites are located in Germany, China and the US. In Italy, SiC Processing runs a sales agency, while the site in Norway was shut down mid of 2012 following insolvency of the Norwegian customer. To date, the group employs 705 employees. Beside the majority shareholder Nordic Capital Fund VII, the founder family has a shareholding of 25 per cent in the Company. You can find more information at www.sic-processing.com. Please register at our website http://www.sic-processing.com/index.php/Newsletter.html to automatically receive the latest news of SiC Processing group. Press Contact: Markus Kreuzer Head of Marketing and Communications Phone: 0049 (0) 9622 - 70 39 273 E-Mail: markus.kreuzer@sic-processing.de N.B. The text in English is a courtesy translation from German only. In the event of any discrepancies between the two, the German original text shall prevail. End of Corporate News --------------------------------------------------------------------- 18.12.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 197381 18.12.2012
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found