DGAP-Adhoc: SKW Stahl-Metallurgie Holding AG: Prolongation of bank waiver agreed until December 15, 2016; Publication of half-year report 2016 postponed


SKW Stahl-Metallurgie Holding AG  / Key word(s): Financing/Half Year Results

29.09.2016 17:46

Disclosure of an inside information according to Article 17 MAR,
transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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SKW Stahl-Metallurgie Holding AG: 
* Prolongation of bank waiver agreed until December 15, 2016
* Long-term financial solution with banks of syndicated loan requires
update of restructuring opinion
* Publication of half-year report 2016 postponed; preliminary H1 figures
already published on September 8, 2016

München/Munich (Germany), September 29, 2016: The Executive Board of SKW
Stahl-Metallurgie Holding AG, München/Munich (Germany), ISIN DE000SKWM021,
announces that the negotiations (regarding amendments to the credit terms
to reflect the consequences of the steel crisis)with the bank parties to
the syndicated loan contract are continuing beyond the period of the
current bank waiver agreement (September 29, 2016). The syndicated loan
contract is the key instrument of the debt capital of SKW Stahl-Metallurgie
Holding AG and of the SKW Metallurgie Group; it has a volume of up to EUR
86 million and a current maturity until early 2018.
The Company and its financing banks strive for a financial solution for SKW
Stahl-Metallurgie Holding AG and the SKW Metallurgie Group beyond the
current maturity of the syndicated loan. Thereby, a sustainably positive
going concern in the meaning of the trade laws is intended to be secured as
well. For the final implementation of the intended financial solution
further work steps are required; in particular, the current developments of
the steel industry have to be incorporated into the restructuring opinion
of early 2016.
In order to allow for the required time in the short run, a prolongation of
the waiver, subject to the conditions common to such situations, until
December 15, 2016 was agreed.
Due to the aforementioned circumstances and the therefore not concludable
auditory review of the half-year accounts, the publication of the Report on
H1-2016 (originally announced for September 30, 2016), had to be postponed.
Preliminary figures on H1-2016 were published already on September 8, 2016.
On the background of the continuously significantly challenging market
environment, the Company emphasizes the need for a sustainable financial
restructuring in the context of supplementary capital measures.


29.09.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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Language:     English
Company:      SKW Stahl-Metallurgie Holding AG
              Prinzregentenstr. 68
              81675 München
              Germany
Phone:        +49 (0)89 5998923-22
Fax:          +49 (0)89 5998923-29
E-mail:       info@skw-steel.com
Internet:     www.skw-steel.com
ISIN:         DE000SKWM021
WKN:          SKWM02
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated
              Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
              Stuttgart, Tradegate Exchange
 
End of Announcement                             DGAP News-Service
 
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