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Gurit Holding AG
Two U.S. Courts Rule in Gurit's Favor Against Carbon Fibre Supplier Zoltek Corporation
WATTWIL, Switzerland, Dec. 4, 2008 (GLOBE NEWSWIRE) -- The United States Court of Appeals for the Eighth Circuit in St. Louis, Missouri, USA, denied on December 2, 2008, Zoltek Corporation's (Nasdaq:ZOLT) petition for rehearing in its case against Gurit (SIX Swiss Exchange:GUR) subsidiary Structural Polymer Group Ltd., now Gurit (UK). Zoltek had asked the court to reconsider its earlier decision to affirm the jury verdict in Gurit's favor of over US$21 million. Gurit has now filed a motion to collect the entire US$21 million judgment directly from a bond which Zoltek was required to post in order to appeal the verdict rendered in a jury trial in November 2006. Gurit's motion seeks recovery of over US$23 million from the bondholder, which includes the original jury verdict as well as post-judgment interest dating from December 2006 and court costs. The original suit arose out of the former 10-year supply agreement between Structural Polymer Group and Zoltek for the sale of large filament count carbon fibres, and Zoltek's repeated, serious breach of that contract.