ATU Auto-Teile Unger - Update to Holders
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RNS Number:0121O ATU Auto-Teile Unger InvestmentGMBH 14 February 2008 Release Update to all holders of the Floating Rate Notes 2014 issued by A.T.U Auto-Teile-Unger Investment GmbH & Co. KG Weiden, 13 February 2008. On January 10 2008 A.T.U updated its High Yield Bond Holders regarding the latest developments in the company. The following statement provides a further update: • The work being undertaken by our consultants and advisers is continuing according to the timetable we set out in the January call. We continue to expect to complete our work on the business plan and capital structure during February. • Our majority shareholder has informed the company of its intention to support the new business plan with proposals for a substantial injection of additional equity capital. The quantum and form of this equity, and its implications for our capital structure, will be determined over the course of the next month. • December performance is down against budget as indicated in the January call. The Lenders have been informed by the company about a breach of one out of the four financial covenants in the Senior Facilities (leverage covenant, i.e. net debt to EBITDA test), based on the provisional 2007 financial result. This breach has no consequences under the Bond Indenture. This release and may contain predictions concerning the future. Such statements are based on certain assumptions made by the Management and are subject to a number of factors and uncertainties, so that the actual future results may vary considerably from the forecasts made. For example, these factors and uncertainties may relate to the economic and political developments taking place in Germany and internationally, the prevailing market conditions, the legal framework pertaining to the automotive after sales market, the fierce competition in our markets, the success of our expansion strategy, the successful integration of any potential acquisitions within the group and our ability to service our debts. Many of the factors and uncertainties are beyond our control. We accept no responsibility for correcting or updating any predictive statements concerning the future at a later stage. The information we supply is valid on its date of publication. We take no responsibility for supplementing, amending, correcting or updating such information in the event of a subsequent change in our assumptions or expectations. The statements shall not be deemed to enshrine any offer to sell securities or a solicitation of such. Contact: A.T.U Auto-Teile-Unger Investment GmbH & Co. KG - Finance and Investor Relations - Dr.-Kilian-Str. 11 D- 92637 Weiden i.d.Opf. Phone: +49-961-306-5644 Fax: +49-961-306-934 5644 E-mail: email@example.com This announcement has been issued through the Companies Announcement Service of The Irish Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange END ISEKGGMZMDMGRZM
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