PCB | July 05, 2007

Aspocomp take Loan to clear<br>French Payment Liability

On June 20, 2007 Aspocomp announced the decisions of the French Supreme Court to uphold the decisions of the lower court to the benefit of Aspocomp S.A.S's former employees.
A French bank, Credit Industriel et Commercial, had given a performance bond guarantee to the former employees for payment according to the decision of the Supreme Court. Nordea Bank Finland Plc had given the French bank an on-demand bank guarantee for the same sum, which sum Aspocomp had undertaken to indemnify.

The counter obligation of Aspocomp to Nordea has been converted into a bank loan. The interest rate of the loan is based on the monthly Euribor interest rate and will be initially 6.2 percent annually. Thereby the decision of the French Supreme Court will not essentially weaken Aspocomp's immediate liquidity.


Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
Load more news
July 18 2018 5:55 pm V10.0.0-2