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PCB | September 26, 2005

Suspension of Payment by Ruwel Danmark

During the last years RUWEL DANMARK A/S has made a conversion of the product mix. This conversion has demanded additional capital resources and had ended in yearly negative results.

Because of that negotiations have been going on with the banks engaged at RUWEL DANMARK A/S in order to achieve the support in the future from the banks. A result seemed to be reached but at the end the parent company, the RUWEL AG, Germany, has not been able to meet the bank's requirements. With the suspension of payment the company aims at a reconstruction of the economical situation for the purpose of bringing RUWEL DANMARK A/S in a survival position and to maintain the work places.
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