Geratherm Medical AG / Key word(s): Miscellaneous
Geratherm Medical AG: Geratherm do Brazil plans a financial restructuring
05-Feb-2018 / 17:36 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Disclosure of inside information pursuant to Art. 17
Geratherm do Brazil plans a financial restructuring.
Geschwenda, 5 February 2018; Geratherm do Brazil, a 51 % holding of Geratherm Medical AG, plans to apply for creditor protection under Brazilian law in the context of a restructuring of its finances (“Juridy Recovery”). With this protection, the company has up to two years at its disposal to put its financial commitments in order.
This is necessary in the view of the Brazilian management in order to reorganise the company financially. Bad debts, the decline of the Brazilian Real and bank interest of up to 30 % make this step necessary, after negotiations with the bank concerned had not yet led to a target settlement.
After the Brazilian shareholder made no financial commitments, Geratherm Medical AG saw no reason to increase its holding unilaterally and take on any commitments.
Geratherm Medical will in future supply directly from Germany to customers in South America. Loss of revenue will be limited. Geratherm Medical has outstanding claims against GdB amounting to 1.1 m EURO. The 2017 turnover of GdB totalled 1.3 m EURO. The company has 7 employees.
Geratherm Medical AG
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05-Feb-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||Geratherm Medical AG|
|Phone:||+49 (0)36205 98-0|
|Fax:||+49 (0)36205 98-1 15|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|End of Announcement||DGAP News Service|