Legal Proceedings Report • Dec 23, 2010
Legal Proceedings Report
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Corporate | 23 December 2010 15:26
Muehlhan AG:
Muehlhan AG / Key word(s): Profit Warning/Miscellaneous
Muehlhan AG:
23.12.2010 / 15:26
PRESS RELEASE
Muehlhan wind energy customer Skykon A/S files for insolvency
* Additional allowance on the account receivables of up to 1.5 million
Euros
* Production will continue for the time being
Hamburg, 23 December 2010 - The Danish company Skykon, customer of the
Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) and supplier for the wind
industry, has -by its own account- filed for insolvency. The talks about
the restructuring of the company, which has been in financial difficulties
since October, have failed. Expensive acquisitions and a decreased demand
in relation to the financial crisis had caused the company's situation.
For Muehlhan this means an additional implementation of allowances on the
account receivables in the amount of up to 1.5 million Euros. Of the
receivables against Skykon of overall 1.9 million Euros, 0.4 million Euros
have been booked as bad debt losses in the third quarter 2010 already.
The production in Danmark and Scotland will continue for the time being.
Since October, Muehlhan works at both locations directly for the end
customers, well-known wind turbine manufacturers.
About Muehlhan:
The Muehlhan Group is a global specialist in high-quality surface
protection and industrial services. Our four business segments - Ship
Newbuilding, Ship Repair, Oil & Gas Offshore and Industry Services - enable
us to provide a broad range of professional services to our maritime and
industrial markets. The excellent quality of our service, our high degree
of organization, our technical expertise and almost 130 years of experience
are what set us apart.
With our workforce of around 2,300 employees at 40 locations worldwide, we
generated sales revenues of EUR 190.8 million in 2 009. In the years to
come, we will utilize our leadership position as a stable foundation for
further expanding our business.
Press contact: Ties Kaiser, Muehlhan AG; Tel: +49 40 75271 -156 10 640,
e-mail: [email protected]
End of Corporate News
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Language: English
Company: Muehlhan AG
Schlinckstrasse 3
21107 Hamburg
Deutschland
Phone: +49 40 75271 0
Fax: +49 40 75271 130
E-mail: [email protected]
Internet: www.muehlhan.com
ISIN: DE000A0KD0F7
WKN: A0KD0F
Listed: Freiverkehr in Berlin, Hamburg, München, Stuttgart; Entry
Standard in Frankfurt
107584 23.12.2010
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