Scholz Holding GmbH
Scholz Holding GmbH: Another key step in the financial restructuring of the Scholz Group is complete
DGAP-News: Scholz Holding GmbH / Key word(s): Bond Press Release Scholz Holding GmbH London, 1 July 2016 Another key step in the financial restructuring of the Scholz Group is complete – Chiho-Tiande signs agreement to acquire a majority of the Scholz Group’s secured debt and provide interim funding of up to EUR50m – CEO Oliver Scholz: “A transaction with Chiho-Tiande as strategic investor offers the Scholz Group stability and significant growth opportunities” The financial restructuring of the Scholz Group has taken another significant step forward with confirmation from the Chiho-Tiande Group Ltd (CTG) that it has entered into an agreement with Scholz’s secured creditors to buy the majority of their claims. The agreement, closing of which is subject to satisfying certain conditions, will make CTG, China’s leading metal recycler, the largest creditor of the Scholz Group. The agreement also provides for the settlement of claims arising in respect of Scholz Holding GmbH’s Austrian retail bond. Following its agreement to purchase the secured debt, CTG will provide interim funding of up to EUR50m to provide Scholz with sufficient liquidity ahead of a planned acquisition of the majority of the equity in the Group to create a leading corporation in the worldwide recycling sector. CTG has confirmed that Essingen in Baden-Württemberg will remain Scholz’s operating headquarters. Oliver Scholz, CEO of Scholz Holding GmbH: “With Chiho-Tiande, we have found a strategic investor whose declared purpose is to become the world’s first fully integrated metal recycler. The planned acquisition of the majority of the Scholz Group with its strong market position in Central and Eastern Europe and North America, and its recognized technical expertise, is a key milestone on the way to achieving this goal. As a part of the CTG Group, I foresee significant growth opportunities and synergistic benefits for Scholz in the coming years.” Contact details:
2016-07-01 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English | |
Company: | Scholz Holding GmbH | |
Office Number: 610, 68 King William Street | ||
EC4N 7DZ London | ||
United Kingdom | ||
Phone: | 0044 20 7959 2291 | |
E-mail: | infoscholz@scholz-group.com | |
Internet: | www.scholz-group.com | |
ISIN: | AT0000A0U9J2 | |
WKN: | A1MLSS | |
Listed: | Open Market in Frankfurt ; Wien (Geregelter Freiverkehr / Second Regulated Market) | |
End of News | DGAP News Service |