Elcoteq subsidiaries file for bankruptcy

The parent company Elcoteq SE domiciled in Luxembourg has previously been accepted in the controlled management procedure under Luxembourg laws. As a consequence of the revolving credit facility lenders' continued enforcement actions, Elcoteq SE is no longer able to continue the funding of the Finnish subsidiaries. Therefore, the Finnish subsidiaries are not able to carry on their operations and have been forced to file for bankruptcy. This affects approximately 100 persons in Finland. Elcoteq SE continues the controlled management process in Luxembourg and business development together with its key customers. Elcoteq employs approximately 6'800 people worldwide.