Elcoteq SE has filed the application for controlled management under the laws of Luxembourg - the Board initiates investigations of lenders' actions
Stock Exchange Release
July 22, 2011 at 15.00 (EET)
Elcoteq SE has today (July 22, 2011) filed the application for controlled
management under the laws of Luxembourg to secure continuation of the Company's
current operations and to allow the outside investor to finalize the
contemplated transaction. Some of Elcoteq SE's affiliates will apply for similar
procedures in respective jurisdictions.
The revolving credit facility lenders have continued their enforcement actions
against the Company and its affiliates and such actions are severely damaging
the current operations of the Company as well as its customers and other
creditors. The Board of Directors has initiated investigations concerning the
legality of the revolving credit facility lenders' and their advisors' actions
towards the Company since 2008.
The Board of Directors
Director, Marketing and Communications, tel. + 41 79Â 618 0318
Elcoteq SE is an experienced Life Cycle Service Partner in electronics with a
global network of service centers. Elcoteq provides a wide range of services to
original equipment manufacturers (OEM) and to service providers such as
operators, retailers and insurance companies.
Elcoteq's Electronics Manufacturing Services (EMS) Business Segment provides
global supply chain solutions such as Engineering and Manufacturing Services but
also technology and component Sourcing, custom Configuration, Testing, Delivery
and other product supply related Services. EMS products range from control and
security, communications infrastructure and lighting solutions to special
purpose mobile devices and home entertainment systems.
Elcoteq's After Market Services (AMS) Business Segment provides globally reverse
supply chain solutions for its customers consisting of Reverse Logistics, Depot
Repair, Refurbishment, Recycling and Salvaging Services as well as AMS specific
Engineering and Customer Support Services. AMS products range from mobile
phones, tablets, flat panel TV's and set-top boxes to personal navigation and
Elcoteq SE is listed on the NASDAQ OMX Helsinki Ltd.Â For more information visit
the Elcoteq website at www.elcoteq.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Elcoteq SE via Thomson Reuters ONE