Scana Industrier ASA - Scana Steel Stavanger has resolved to file for bankruptcy - detailed announcement
Reference is made to announcement of 4 March 2015. This announcement is prepared
and published in accordance with section 3.4 of the Continuing Obligations of
stock exchange listed companies.
Scana Industrier ASA ("Scana Industrier") has decided to cease further funding
of its subsidiary Scana Steel Stavanger AS ("Scana Steel Stavanger" or "the
company"). Consequently there were no basis for a solvent winding-up of the
company and the Board of Scana Steel Stavanger resolved to file for bankruptcy
3 March 2015. Stavanger district court decided 4 March 2015 to commence
bankruptcy proceedings in the company.
Scana Steel Stavanger is a manufacturer of special steel and high alloy steel to
clients in in the oil and gas, marine, energy, mining and general mechanical
industries. At the time of filing for bankruptcy, the Board of Scana Steel
Stavanger consists of Jan Henry Melhus (chairman of the board), Kjetil Flesjå,
Arnfinn Ingmar Helland, Trond Idar Idsø, Karl Stokka, Inge Kvalvik, Grim Lura
(observer) and Jarl Terje Jøssang (observer). Jarle Fjetland is CEO. Scana Steel
Stavanger had 115 employees as of year-end 2014.
The impact of the transaction for Scana Industrier is that it will incur
additional costs related to guarantees for certain Scana Steel Stavanger
obligations. Except for this, the bankruptcy in Scana Steel Stavanger will in
the boards assessment not have any substantial adverse effects for other
companies in the group. The board is of the view that a bankruptcy in Scana
Steel Stavanger may be a contributing factor in connection with a permanent
extension of the credit facilities on new terms.
Based on the preliminary 2014 accounts,Scana Steel Stavangerhad in 2014 revenues
of NOK 271.7 million, total assets of NOK96.8 million and a negative result
before tax of NOK24,978million. Scana Industrier's consolidated revenues, assets
and result in 2014 was NOK 1,473.7 million, NOK1,093.5 millionand minus NOK150.7
million respectively.
Details with key financial figures are provided in an attachment to this
announcement. Key adjusted figures on Impact on Group accounts are taken from
management accounts after adjustment for intercompany revenue and cost
transfers.
For further information please contact:
Mr. Jan H Melhus, CEO Scana Industrier ASA, Mobile +47 90 16 70 10
Mr. Kjetil Flesjå, CFO Scana Industrier ASA, Mobile: +47 90 04 12 13
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1899938]