RHI Magnesita N.V.
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Progress in Chapter 11 proceedings of US companies
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Progress in Chapter 11 proceedings of US companies
In early 2002, RHI initiated the split from all its refractories companies in
the USA due to asbestos-related problems. These companies were deconsolidated at
December 31, 2001, and RHI successfully implemented the required capital
restructuring.
As a result of the steps taken by the US management, North American Refractories
Co. (NARCO) and Global Industrial Technologies Inc. (GIT) with the core
companies Harbison-Walker and A.P.Green have been operating under Chapter 11 and
reorganization proceedings since 2002.
Today, the plans of reorganization (PoR) for the NARCO and GIT groups were
presented at the competent court in Pittsburgh. Thus another important step has
been taken towards completing the Chapter 11 proceedings successfully.
The parties involved in the Chapter 11 proceedings, especially the former owners
of the refractories companies, the court in Pittsburgh and RHI, are reviewing
the legal and economic implications of the plans.
The scope and time at which RHI will be able to realize contractual claims for
payments against parties involved will be determined in the course of this
review.
Objections against the presented plans of reorganization can be lodged at court
at any time until the confirmation hearing, the final hearing to be set by the
court. Due to the complexity of the reorganization, the court review may take
several months before a date is set for the confirmation hearing.
RHI continues to be confident that the development and conclusion of the Chapter
11 proceedings will not constitute a burden on the company’s financial
performance and results.
end of ad-hoc-announcement (c)DGAP 01.08.2003
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WKN: 067690; ISIN: AT0000676903; Index: ATX
Listed: Amtlicher Handel in Wien; Amtlicher Handel in Frankfurt (General
Standard); Freiverkehr in Berlin-Bremen und Stuttgart
010732 Aug 03
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