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Swiss Steel announced on Wednesday that it has ended sales talks for subsidiary Ascometal. Negotiations with Italian Acciaierie Venete, which have been ongoing since December, have ended.
Ascometal is now seeking legal protection. Swiss Steel announced that its French subsidiary has requested court-ordered restructuring proceedings for each group company.
The aim is to preserve the liquidity of Ascometal companies and thus gain time to search for buyers for each location. Swiss Steel wants to leave three of its subsidiary Ascometal’s plants in France: in Hagondange (Moselle region), Custines (Meurthe-et-Moselle region) and Le Marais (Loire region).
Swiss Steel fears that there will be “no clear adverse financial impact on the remaining business” from the conclusion of negotiations and the initiation of court-ordered restructuring proceedings. This also does not affect the announced capital increase and refinancing.
Because Swiss Steel urgently brings in fresh money: The headquartered Swiss steel group made a huge loss of 294.8 million euros in the 2023 financial year, damaging equity capital.
This gap now needs to be filled with a capital increase of at least 300 million euros. This was secured by major shareholder Martin Haefner, who holds one-third of Swiss Steel. According to media reports, the other major shareholder, Peter Spuhler, does not want to participate in this deal. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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