- The Local Court of Arnsberg, Germany, starts the proceeding of self-administration for German subsidiary on February 1, 2017; appoints Dr. Rainer Eckert as custodian
- Restructuring of German subsidiary will enable sustained competitiveness within the core industrial business and strengthen the integrated group
- Creditors of the German subsidiary support the restructuring process
February 1, 2017, Luxembourg / Zwanenburg, Netherlands. 3W Power S.A. (ISIN LU1072910919, 3W9K), the holding of AEG Power Solutions Group, announced today an important milestone in the restructuring process for the German subsidiary AEG Power Solutions GmbH as the proceeding of self-administration starts on February 1st. The restructuring strategy stipulates an operational and financial-based restructuring of AEG Power Solutions GmbH, to be carried out as part of the reorganization of the entire AEG Power Solutions Group. The aim of this reorganization is a continuation of the efforts to focus the Company on its core industrial business and to achieve long-term sustainable profitability.
The Local Court of Arnsberg, Germany, has ordered the proceeding for the German subsidiary today, as applied for on November 22, 2016. The court ordered self-administration and appointed the provisional custodian, Dr. Rainer Eckert, as custodian for the remainder of the proceeding. The court therefore has confirmed that the prospects of success for a restructuring of AEG Power Solutions GmbH continue to predominate and that self-administration does not result in any disadvantages for the creditors. The creditors of the German subsidiary are to be presented with the final plan for their approval in April. If the meeting of creditors approves the plan, a formal sanction will be requested of the Local Court. Custodian Dr. Rainer Eckert explained: “As soon as confirmation of the plan has become final, the Local Court will conclude the proceeding. As a result, the restructuring of AEG Power Solutions GmbH will be complete, and the company is positioned and ready for the future.”
Jeffrey Casper, CEO of 3W Power S.A., said: “Thanks to the efforts and support of all stakeholders, we believe that our plans for the German subsidiary will allow the Company to operate more efficiently on an ongoing basis. We are accelerating the focus on our core industrial business to achieve sustained profitability and long-term competitiveness. We would like to thank our employees, suppliers, customers and other contract partners whose strong support for the German company during the process enabled the continuation of the operating business activities even during the protective shield proceeding.”
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About 3W Power:
3W Power S.A. (WKN A114Z9 / ISIN LU1072910919), based in Luxembourg, is the holding company of AEG Power Solutions Group. The Group is headquartered in Zwanenburg in the Netherlands. The shares of 3W Power are admitted to trading on Frankfurt Stock Exchange (ticker symbol: 3W9K).
AEG Power Solutions is a leading provider of UPS systems and power electronic solutions for industrial, commercial, renewable and distributed energy markets throughout the world with main sites in France, Spain, Germany, Singapore and China, with further direct 14 sales and service offices worldwide.
For more information, visit www.aegps.com
Tobias Eberle / Thomas Katzensteiner
Charles Barker Corporate Communications GmbH
Phone: +49 69 79 40 90 24 / +49 69 79 40 90 25
Email: Tobias.Eberle@charlesbarker.de / Thomas.Katzensteiner@charlesbarker.de