RHI Magnesita N.V.
RHI AG english
RHI sees payment claims related to US Chapter 11 proceedings
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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RHI sees payment claims related to US Chapter 11 proceedings
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) have been operating
under Chapter 11 and reorganization proceedings since 2002. On July 31, 2003
the plans of reorganization (PoR) for the NARCO and GIT groups were filed with
the court in Pittsburgh. Thus another important step has been taken towards
completing the Chapter 11 proceedings successfully.
RHI and the parties involved in the Chapter 11 proceedings are reviewing the
legal and economic implications of the plans.
From RHI’s viewpoint, the submitted reorganisation plans give rise to direct
payment claims against Honeywell and Halliburton resp. its subsidiary Dresser
Industries Inc. (now DII), totaling USD 55m, which had been agreed individually
with the above mentioned former owners early 2002.
While Honeywell is willing to honour the agreement – although it still has some
concerns regarding the plans in detail – Halliburton has already announced that
it has no intention of paying. Since, in RHI’s view, all the conditions have
been fulfilled to make the amounts payable, legal action will be brought against
Halliburton resp. Dresser to collect the due installment of USD 35m.
end of ad-hoc-announcement (c)DGAP 07.08.2003
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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
071025 Aug 03
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