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Avtech Sweden publ AB Applies for Company Reconstruction, Appoints Christer Staaf as New CEO and President; Company Withdraws Q3 2013 Guidance


Friday, 24 May 2013 02:00am EDT 

Avtech Sweden AB announced that its Board has decided to apply for reconstruction to the Attunda district court since finding a long term financing solution for Avtech Group was not successful within the needed time frame. The reconstruction is intended to provide additional time to implement a long-term solution and will be funded through ongoing and future work, as well as the liquidity provided by the Company's principal shareholder. Christer Staaf, one of the Group's main shareholders, has been appointed President and Chief Executive Officer (CEO) of Avtech Sweden AB as of May 24, 2013 during the period of reconstruction, which is estimated at three months. The previous CEO David Alvord remains at the board's disposal, and will continue to serve in the Group. Due to the Company's situation, it has decided that the guidance for break-even profit and net cash flow in the third quarter of 2013 is withdrawn. A forecast for when this can be achieved cannot currently be provided. 

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8.55
0.3 +3.64%
12:00pm EDT