SiC Processing GmbH
SiC Processing GmbH: Preliminary assessment of expected recovery for creditors
SiC Processing GmbH / Key word(s): Miscellaneous 14.01.2013 / 20:15 --------------------------------------------------------------------- Hirschau, January 14, 2013 - After the filing for approval of protective shield proceedings on 18 December 2012 the management of SiC Processing estimates after a preliminary assessment that the quota for recovery, if any, of unsecured creditors will be significantly lower than reflected in the current market price quoted for the bonds of the company. This is a consequence of the dramatic decline of the solar industry and the impact on the company and its customer base. The final recovery quota for unsecured creditors will be determined and published in the restructuring plan after being confirmed by the court. This preliminary assessment of the management is based on preliminary figures and has not been audited or reviewed by the company's auditor. The preliminary figures have been based on certain assumptions which are subject to management estimates such as write-downs of assets, in particular the value of shares in operating subsidiaries, a preliminary calculation of liquidation proceeds for unsecured creditors and preliminary investor interest. Register on our Website under http://www.sic-processing.com/index.php/Newsletter.html to receive the latest announcement of SiC Processing Group automatically About SiC Processing GmbH: SiC Processing GmbH is the leader for recycling of slurry from water 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 bankruptcy 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. Press Contact: Markus Kreuzer Head of Marketing and Communications Telephone: 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 --------------------------------------------------------------------- 14.01.2013 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 --------------------------------------------------------------------- 199009 14.01.2013
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