Home / Knowledge / News / Textiles / Oerlikon submits proposal for restructured Group financing to banks
Oerlikon submits proposal for restructured Group financing to banks
09
Dec '09
As part of its commitment to strengthen the balance sheet and regaining a sustainable financing base, Oerlikon Group submitted a comprehensive financial restructuring proposal to its syndicate banks on November 25, 2009.

The proposal, designed to ensure long-term financing for the company includes deferral of re-payments of the principal amounts of the term loan and revolving credit facility, lower interest charges and conversion of parts of the bank debt to an equity stake in OC Oerlikon. The proposal also includes a substantial reduction in current equity capital followed by a capital increase. The Renova Group, with a 45 % ownership stake and Oerlikon's main shareholder, declared its intention to participate in a capital increase and to act as an underwriter.

The details of the restructuring and refinancing program are expected to be finalized in cooperation with the syndicate banks by the end of February 2010. It is expected that the equity increase will follow in the first half of 2010.

Additionally, Oerlikon is announcing an extraordinary write-down in the solar segment (in the mid double-digit millions, in CHF). Due to technological advances in production facilities and product design, coupled with continued challenges in the market, the management and the Board of Directors have decided to revalue the inventory. This write-down has no effect on the Group's cash and the cash flow for the current year.

OC Oerlikon Management AG


Must ReadView All

Moments of EPA signing in Tokyo. Courtesy: Twitter handle of Jean-Claude Juncker

Textiles | On 18th Jul 2018

EU and Japan sign Economic Partnership Agreement

European Union and Japan have signed an Economic Partnership...

Courtesy: Tego

Apparel/Garments | On 18th Jul 2018

Tego plans to expand product range in 2018-19

Tego, a company that creates premium athletic gear for modern...

Courtesy: rawpixel.com from Pexels

Textiles | On 18th Jul 2018

Hike in import duty on textile-apparel by India beneficial

The Indian Government’s decision to raise import duty on textile and...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search