SOURCE: RHJ International SA

October 25, 2010 10:11 ET

RHJ International: Honsel AG Files for Insolvency

BRUSSELS, BELGIUM--(Marketwire - October 25, 2010) -

RHJ International ("RHJI") announced today that its fifty-one percent subsidiary, Honsel AG, has filed for insolvency in Germany, having failed to reach agreement with all stakeholders on a sustainable restructuring plan to allow for the continuation of the company.

As part of a restructuring in July 2009, RHJI invested EUR 50 million into the Honsel Group in exchange for a 51% stake in the group, with the remaining 49% being held by Honsel's senior term lenders. Over the last year Honsel has incurred significant operating losses. Despite the equity support provided by RHJI in the midst of the economic downturn and considerable efforts by Honsel's management to address operating issues in manufacturing in conjunction with new product launches, Honsel's financial performance remained under pressure and resulted in a liquidity shortfall.

Leonhard Fischer, RHJI's Chief Executive Officer, commented:"We regret that in spite of all efforts the company has not been able to turn around its business."

The carrying value of the investment in Honsel as reflected in RHJI's non- consolidated accounts stands at EUR 50 million. In addition EUR 20 million super senior credit facilities and EUR 15 million of leasing and factoring facilities are outstanding.

About RHJ International:

RHJ International (Euronext: RHJI) is a limited liability company incorporated under the laws of Belgium, having its registered office at Avenue Louise 326, 1050 Brussels, Belgium. RHJI is transforming itself from a diversified industrial holding company into an active and dynamic financial services group.

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This press release contains certain forward-looking statements concerning the Company's operations, economic performance and financial condition. Such forward-looking statements are based on management's current expectations, estimates and projections and are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company has no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release.


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Contact Information

  • For further information please contact:

    Arnaud Denis
    Investor Relations Director
    Tel: +32 2 643 60 13