Elcoteq SE Stock Exchange Release October 6, 2011 at 17.15 (EET) Elcoteq SE has today filed for bankruptcy in Luxembourg. During the last months, the Company had entered into discussions with the revolving credit facility lenders as well as the Company's key customers in an attempt to save the Company. Despite of the Company's continuous cost reduction measures and thorough efforts to restructure the Company's debt, Elcoteq was unfortunately not able to find a solution that would have been acceptable to the revolving credit facility lenders. The proposal for a recovery plan set forth jointly by Elcoteq and its key customers was rejected by the lenders, who required the Company's customers to waive their rights and increase their exposure instead. Approximately 15% of the original 230 million euro revolving credit facility remains outstanding. The lenders continued their enforcement actions against the Company by freezing the Company's bank accounts, by preventing the Company's payment transactions as well as by preventing the accounts receivable to be paid to the Company. As a consequence, Elcoteq SE is no longer able to continue its operations and there are no longer any prerequisites for the Company to continue the controlled management procedure in Luxembourg. Hence, the Company was forced to file for bankruptcy. ELCOTEQ SE The Board of Directors Contact: Olli-Pekka Vanhanen, Senior Vice President, Business Control and Accounting, tel. + 358 10 413 11 Markus Skrabb, Senior Vice President, Legal Affairs, tel. + 358 10413 11 Jean-Jacques Bernard, Senior Legal Counsel (Luxembourg), tel. +352 621 378 341 About Elcoteq Elcoteq SE is an experienced Life Cycle Service Partner in electronics with a global network of service centers. Elcoteq provides a wide range of services to original equipment manufacturers (OEM) and to service providers such as operators, retailers and insurance companies. Elcoteq's Electronics Manufacturing Services (EMS) Business Segment provides global supply chain solutions such as Engineering and Manufacturing Services but also technology and component Sourcing, custom Configuration, Testing, Delivery and other product supply related Services. EMS products range from control and security, communications infrastructure and lighting solutions to special purpose mobile devices and home entertainment systems. Elcoteq's After Market Services (AMS) Business Segment provides globally reverse supply chain solutions for its customers consisting of Reverse Logistics, Depot Repair, Refurbishment, Recycling and Salvaging Services as well as AMS specific Engineering and Customer Support Services. AMS products range from mobile phones, tablets, flat panel TV's and set-top boxes to personal navigation and gaming devices. Elcoteq SE is listed on the NASDAQ OMX Helsinki Ltd. For more information visit the Elcoteq website at www.elcoteq.com [HUG#1552810]
Elcoteq SE files for bankruptcy
| Source: Elcoteq