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2009-10-21 10:30:00 CEST 2009-10-21 10:31:25 CEST REGULATED INFORMATION Elcoteq - Company AnnouncementElcoteq Continues with Balance Sheet RestructuringElcoteq SE Stock Exchange Release October 21, 2009 at 11.30 am (EET) Elcoteq stated in July 2009 that it is the company's intention, in agreement with its relevant creditors, to restructure its interest bearing debt as an integral part of the project to strengthen its balance sheet. This planned restructuring will require, among other things, measures to be taken with respect to the company's outstanding debentures. The company held a meeting with its debenture holders on September 3, 2009 to amend the terms and conditions of its debentures. These amendments were made in order to be able to carry out the needed actions. Pohjola Corporate Finance as the advisor of Elcoteq will approach debenture holders with a concrete proposal whereby the debenture holders would be requested to make irrevocable commitment to sell the holder's debentures at a price of 25% of the nominal value plus the accrued interest. Elcoteq is planning a structure in which a potential investor would buy the debentures and possibly subsequently convert the debentures to shares in Elcoteq. According to the plan Elcoteq shall retain the right to withdraw its proposal. ELCOTEQ SE Minna Aila, Director, Communications and Corporate Responsibility Further information: Mikko Puolakka, CFO, tel. +358 10 413 11 About Elcoteq Elcoteq SE is a leading electronics manufacturing services (EMS) company in the communications technology field. Elcoteq's global service offering covers the entire lifecycle of products, from product development to after-market services. By further combining mechanics expertise into its service offering, Elcoteq's vision is to be a leading integrated electronics manufacturing services (IEMS) company. Elcoteq provides global end-to-end solutions consisting of product development services, supply chain management, NPI, manufacturing, and after market services for the whole lifecycle of its customers' products. These products include Consumer Electronics products such as mobile and wireless phones, their parts and accessories, set-top boxes, flat panel TVs and other consumer products as well as System Solutions products such as wireless and wireline infrastructure systems and modules, enterprise network products and other industrial segment products. The Group's consolidated net sales for 2008 totaled 3.4 billion euros and it employs approximately 13,000 persons. Elcoteq SE is listed on the Nasdaq OMX Helsinki Ltd. For more information visit the Elcoteq website at www.elcoteq.com. |
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