Geratherm Medical AG: Geratherm do Brazil plans a financial restructuring

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
Firmensitz: Fahrenheitstraße 1, 98716 Geschwenda
Registergericht: Amtsgericht Jena, HRB 111272
Vorstand: Dr. Gert Frank
Aufsichtsratsvorsitzender: Dipl.-Kfm. Rudolf Bröcker
Tel. 036205/98 0
E-Mail: info@geratherm.com
www.geratherm.com

Short company profil:
Geratherm Medical is an internationally operating medical products enterprise with the business areas Healthcare Diagnostic, Medical Warming Systems, Cardio/Stroke and Respiratory. Our company’s roots are in temperature measurement in the medical sphere. In this business area we offer a broad spectrum of products, most of which have unique selling points. We supply our customers/patients with high-quality products ranging from thermometers to complex warming systems for use in the operating theatre and by emergency rescue services and MR Diagnostic Incubator Systems for premature babies and newborns. In the Cardio business area we concentrate on the development of products for the detection of atrial fibrillation as a measure to prevent strokes. The Respiratory segment develops and markets products for the assessment of pulmonary function. In all mainly business areas, Geratherm has patent-protected basic technologies at its disposal. We regard ourselves as a research-based medical products company with a clear focus on medical diagnostic devices that generate vital data. Geratherm shares have been listed in the Prime Standard segment of the Frankfurt Stock Exchange since the year 2000. Geratherm Medical continues to be represented in the German Entrepreneurial Index and in the German Healthcare Index.

Contact:
Dr. Gert Frank


05-Feb-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: Geratherm Medical AG
Fahrenheitstraße 1
98716 Geschwenda
Germany
Phone: +49 (0)36205 98-0
Fax: +49 (0)36205 98-1 15
E-mail: info@geratherm.com
Internet: www.geratherm.com
ISIN: DE0005495626
WKN: 549562
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange

 
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