| As a result of the restructuring, Paroc will have a robust capital structure that will allow it to continue the development of its business, together with its customers, employees and suppliers.
Conclusion of the restructuring process
Following the restructuring the lenders will own 87,5 % of the equity of the business. Paroc employees will own the remaining 12,5 %. Total indebtedness has been reduced and will amount to approximately EUR 350m. Covenants and conditions have been amended, and new facilities put in place to support the continued development of the business.
A new Board of Directors will be appointed, with representatives from industry and Paroc management, and with observers to the Board of Directors from owners and financing banks and personnel representatives.
“Paroc’s organization has performed admirably during the last 18 months, and I would like to extend my thanks to employees, customers and suppliers for the achievements during this period” says Väinö Tuomisalo, Paroc CEO. “We have managed to adjust the resources to the large drop in demand, and now, with this agreement in place, we have the financial stability to ensure a profitable and successful future for Paroc.”
Contacts
Väinö Tuomisalo, CEO, Mobile: +358 400 651 452
Anders Dahlblom, CFO, Mobile: +358 400 815 427
Advisers to Paroc on the restructuring
Lazard, Freshfields, Roschier
About Paroc
Paroc is a leading European manufacturer of mineral wool, and leads the way in energy efficient insulation products and solutions.
The PAROC® product range includes building insulation, technical insulation, marine insulation, structural stone wool sandwich panels and acoustics products. The company operates in 13 countries across Europe, with production facilities in Finland, Sweden, Lithuania and Poland. The head office is located in Helsinki, Finland.
28.12.2009 |
