Meyer Burger assigns its unsecured claim with GTAT to a financial institution for USD 13.9 million
Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) announced today that it has assigned the unsecured claim arising from the recently announced settlement agreement with GT Advanced Technologies Inc. (“GTAT”) at a discount to Citigroup Financial Products Inc. (“Citigroup”). In order to reduce further legal expenses and collection risks of the claim, Meyer Burger decided to assign the unsecured claim with all its rights and obligations to Citigroup for an ultimate cash settlement of approximately USD 13.9 million. The assignment of the unsecured claim has already been agreed upon by Meyer Burger and Citigroup and has been filed with the US Bankruptcy Court yesterday, 29 April 2015. The assignment of the unsecured claim is subject to the US Bankruptcy Court’s approval of the settlement agreement with GTAT. The decision by the US Bankruptcy Court for the District of New Hampshire with regards to the approval of the settlement agreement is expected by the end of June 2015.
Contact:
Michel Hirschi
Chief Financial Officer
Phone +41 33 221 28 00
ir@meyerburger.com
Werner Buchholz
Head of Corporate Communications
Phone +41 (0)33 221 25 06
werner.buchholz@meyerburger.com
About Meyer Burger Technology Ltd
www.meyerburger.com
Meyer Burger is a leading global technology Group specialising on innovative systems and processes based on semiconductor technologies. The Group’s focus is on photovoltaics (solar industry) while its competencies and technologies also cover important areas of the semiconductor and the optoelectronic industries as well as other selected high-end markets based on semiconductor materials. The Group currently employs more than 1,700 people across three continents. Over the past ten years, Meyer Burger has risen to the forefront of the photovoltaic market and established itself as an international premium brand by offering superior precision products and innovative technologies.
The Group’s offering in systems, production equipment and services along the photovoltaic value chain includes the manufacturing processes for wafers, solar cells, solar modules and solar systems. Meyer Burger provides substantial added value to its customers and clearly differentiates itself from its competitors by focusing on the entire value chain.
The Group’s comprehensive product portfolio is complemented by a worldwide service network with spare parts, consumables, process know-how, customer support, after-sales services, training and other services. Meyer Burger Group is represented in Europe, Asia and North America in the respective key markets and has subsidiaries and own service centres in China, Germany, India, Japan, Korea, Malaysia, the Netherlands, Switzerland, Singapore, Taiwan and the USA. The Group is also working intensively to develop new markets such as South America, Africa and the Arab region. The registered shares of Meyer Burger Technology Ltd are listed on the SIX Swiss Exchange (Ticker: MBTN).
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This press release may contain “forward-looking statements”, such as guidance, expectations, plans, intentions, or strategies regarding the future. These forward-looking statements are subject to risks and uncertainties. The reader is cautioned that actual future results may differ from those expressed in or implied by the statements, which constitute projections of possible developments. All forward-looking statements included in this press release are based on data available to Meyer Burger Technology Ltd as of the date that this press release is published. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
