Tower Group A/S i likvidation
Company release no. 1 / 2012 – Status update
Tower Group A/S 25.01.2012 11:01 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- 22 December 2011 the Company released Company release no. 40, in which the Board informed that Tower Group A/S might no longer fulfill the conditions of a going concern, and that Tower Group A/S was planning as an alternative to insolvency to initiate a spin-out of some of the Tower Group A/S assets. In the opinion of the Board, such a possible solution would be more beneficial to more stakeholders than insolvency. The Company initiated a sales process 23 December 2011, offering selected Tower Group A/S assets to a representative selection of potential investors. As of last week, the Board has secured a number of non-binding offers for a selected number of subsidiaries, has subsequently short-listed five parties, and is working towards securing binding offers over the next four weeks. The Board believes that the completion of this sale is currently the only viable alternative to immediate insolvency, and that this solution has the potential to satisfy all outstanding non-bank claims and allow for the orderly liquidation of Tower Group A/S. A pre-requisite to such a sale is approval from senior and junior banks, and the Company is currently in negotiations with its lenders to secure their support for the transaction. Such a sale is still not expected to recover any value for the shareholders. However, should the purchase price exceed current claims, liquidation costs, and the junior bank claims, any further excess could flow to the shareholders. The Board expects the spin-out and sale to take place in early March, 2012. Best regards Tower Group A/S Martin Coté CEO Questions regarding this release can be directed to Martin Coté, CEO, on tel.: +420 725 716 755. News Source: NASDAQ OMX 25.01.2012 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Tower Group A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0011188035 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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