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© kheng guan toh dreamstime.com Business | March 08, 2017

3W Power: Restructuring of German subsidiary

3W Power S.A. filed a restructuring plan for its German subsidiary AEG Power Solutions GmbH with the local court in Arnsberg (Germany).
The plan is coordinated with the subsidiary’s creditor committee. The process is thus proceeding on schedule. The creditors of the German subsidiary ‎will subsequently vote on the restructuring plan, which is expected to take place in April 2017. After creditor and court approval, the proceeding for the German entity will be lifted by the court.

The Board of 3W Power S.A., headquarted in Zwanenburg (The Netherlands) filed for protective shield and debtor-in-possession proceedings with regard to its loss-making subsidiary AEG Power Solutions GmbH (Warstein-Belecke, Germany) on November 22, 2016. Business activities of AEG Power Solutions and its German subsidiary have continued as usual, an ad-hoc statement reads.

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April 27 2017 1:33 PM V8.1.3-1