Legal Proceedings Report • Oct 26, 2010
Legal Proceedings Report
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Corporate | 26 October 2010 16:23
Muehlhan AG: Danish customer applies for creditor protection
Muehlhan AG / Key word(s): Development of Sales/Miscellaneous
PRESS RELEASE
Danish Muehlhan customer applies for creditor protection
* Skykon A/S suspends payments to suppliers and service providers
* Debt default risk of up to EUR1.9 million
Hamburg, 26 October 2010 - Skykon A/S, a Danish manufacturer of
wind-turbine towers, today applied for 'suspension of payments', according
to its own declarations. 'A series of negative factors relating to the
financial crisis' are alleged to have created a liquidity bottleneck at
Skykon.
The customers, banks, suppliers and service providers concerned are to be
informed 'shortly' on what to do next, and regarding the procedures to be
followed under Danish law. The process is similar to the 'Chapter 11'
procedure used in the United States, which is designed to provide companies
with protection from their creditors. The question as to whether the
company must declare itself insolvent over the coming days depends,
according to declarations made by Skykon, on the progress of financial
talks that are currently under way. Muehlhan has declared itself willing
in principle to make its own contribution to resolving the company's state
of affairs.
Muehlhan operates on Skykon's behalf from sites in Denmark and Scotland.
The current situation leaves Muehlhan exposed to a debt-default risk of up
to EUR1.9 million.
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 2009. 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]
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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 Hamburg, München, Berlin, Stuttgart; Entry
Standard in Frankfurt
End of Announcement DGAP News-Service
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