DGAP-News: 3W Power S.A.

DGAP-News: 3W Power S.A. / AEG Power Solutions / Key word(s): Strategic Company Decision
3W Power S.A. / AEG Power Solutions: Important Milestone in the Restructuring Process, Court starts proceeding concerning German subsidiary

01.02.2017 / 15:16
The issuer is solely responsible for the content of this announcement.

- The Local Court of Arnsberg, Germany, starts the proceeding of self-administration for German subsidiary on February 1, 2017; appoints Dr. Rainer Eckert as custodian
 

- Restructuring of German subsidiary will enable sustained competitiveness within the core industrial business and strengthen the integrated group
 

- Creditors of the German subsidiary support the restructuring process
 

February 1, 2017, Luxembourg / Zwanenburg, Netherlands. 3W Power S.A. (ISIN LU1072910919, 3W9K), the holding of AEG Power Solutions Group, announced today an important milestone in the restructuring process for the German subsidiary AEG Power Solutions GmbH as the proceeding of self-administration starts on February 1st. The restructuring strategy stipulates an operational and financial-based restructuring of AEG Power Solutions GmbH, to be carried out as part of the reorganization of the entire AEG Power Solutions Group. The aim of this reorganization is a continuation of the efforts to focus the Company on its core industrial business and to achieve long-term sustainable profitability.
 

The Local Court of Arnsberg, Germany, has ordered the proceeding for the German subsidiary today, as applied for on November 22, 2016. The court ordered self-administration and appointed the provisional custodian, Dr. Rainer Eckert, as custodian for the remainder of the proceeding. The court therefore has confirmed that the prospects of success for a restructuring of AEG Power Solutions GmbH continue to predominate and that self-administration does not result in any disadvantages for the creditors. The creditors of the German subsidiary are to be presented with the final plan for their approval in April. If the meeting of creditors approves the plan, a formal sanction will be requested of the Local Court. Custodian Dr. Rainer Eckert explained: "As soon as confirmation of the plan has become final, the Local Court will conclude the proceeding. As a result, the restructuring of AEG Power Solutions GmbH will be complete, and the company is positioned and ready for the future."
 

Jeffrey Casper, CEO of 3W Power S.A., said: "Thanks to the efforts and support of all stakeholders, we believe that our plans for the German subsidiary will allow the Company to operate more efficiently on an ongoing basis. We are accelerating the focus on our core industrial business to achieve sustained profitability and long-term competitiveness. We would like to thank our employees, suppliers, customers and other contract partners whose strong support for the German company during the process enabled the continuation of the operating business activities even during the protective shield proceeding."
 

-- End of the Press Release --
 

About 3W Power:
3W Power S.A. (WKN A114Z9 / ISIN LU1072910919), based in Luxembourg, is the holding company of AEG Power Solutions Group. The Group is headquartered in Zwanenburg in the Netherlands. The shares of 3W Power are admitted to trading on Frankfurt Stock Exchange (ticker symbol: 3W9K).
AEG Power Solutions is a leading provider of UPS systems and power electronic solutions for industrial, commercial, renewable and distributed energy markets throughout the world with main sites in France, Spain, Germany, Singapore and China, with further direct 14 sales and service offices worldwide.
 

For more information, visit www.aegps.com
 

Press contact:
Tobias Eberle / Thomas Katzensteiner
Charles Barker Corporate Communications GmbH
Phone: +49 69 79 40 90 24 / +49 69 79 40 90 25
Email: Tobias.Eberle@charlesbarker.de / Thomas.Katzensteiner@charlesbarker.de
 

Investor Relations contact:
Christian Hillermann
Hillermann Consulting
Phone: +49 40 320 279 10
Email: investors@aegps.com
 

This communication does not constitute an offer or the solicitation of an offer to buy, sell or exchange any securities of 3W Power. This communication contains forward-looking statements which include, inter alia, statements expressing our expectations, intentions, projections, estimates, and assumptions. These forward-looking statements are based on the reasonable evaluation and opinion of the management but are subject to risks and uncertainties which are beyond the control of 3W Power and, as a general rule, difficult to predict. The management and the company cannot and do not, under any circumstances, guarantee future results or performance of 3W Power and the actual results of 3W Power may materially differ from the information expressed or implied in the forward-looking statements. As a result, investors are cautioned against relying on the forward-looking statements contained herein as a basis for their investment decisions regarding 3W Power.
3W Power undertakes no obligation to update or revise any forward-looking statement contained herein.

01.02.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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