October 23, 2019 / 5:49 AM / a month ago

Schmolz + Bickenbach plans capital hike amid steel crisis

ZURICH, Oct 23 (Reuters) - Switzerland’s Schmolz + Bickenbach is planning a capital increase and has lowered its full-year forecast after saying it was trapped in a crisis in the steel industry that it was unable to escape.

“After examining all feasible options, the Board of Directors decided to propose to the shareholders an increase of the share capital,” the company said in a statement. “The capital increase to be approved by the EGM should reach a total amount of at least 189 million Swiss francs ($191.02 million) and not more than 350 million francs.”

It also said its full year adjusted EBITDA is now expected to be below the range of 70 million euros ($77.85 million) to 100 million euros issued just a month ago. ($1 = 0.9894 Swiss francs) ($1 = 0.8992 euros) (Reporting by John Miller, edited by John Revill)

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