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© Elcoteq Electronics Production | July 22, 2011

Elcoteq to investigate lenders' actions

EMS-provider Elcoteq SE has filed the application for controlled management under the laws of Luxembourg. Furthermore, the Board initiates investigations of lenders' actions.

Elcoteq SE has today (July 22, 2011) filed the application for controlled management under the laws of Luxembourg to secure continuation of the Company's current operations and to allow the outside investor to finalize the contemplated transaction. Some of Elcoteq SE's affiliates will apply for similar procedures in respective jurisdictions. The revolving credit facility lenders have continued their enforcement actions against the Company and its affiliates and such actions are severely damaging the current operations of the Company as well as its customers and other creditors. The Board of Directors has initiated investigations concerning the legality of the revolving credit facility lenders' and their advisors' actions towards the company since 2008.
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