euro adhoc: EIC Electricity SA
Swedish Supreme Court reverses
Bankruptcy Declaration of EIC's Swedish Venture (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
The Swedish Supreme Court reversed the bankruptcy declaration of Energisystem i Sverige AB (ESS) on Monday, June 7. ESS thus successfully appealed and reversed earlier rulings of two lower Swedish courts.
The bankruptcy declaration by the lower courts was related to the contested deferred payment of SEK 6,5 million (CHF 1,1 million) claimed by the former owner of ESS. The arbitration procedures initiated against the main lender of the venture, Lantbruksredit AB, concerning the possible reorganization or restructuring of the group, continues.
EIC, through Scandinavian Energy Finance Ltd. ("SEFL"), owns 63% of
ESS. EIC's total exposure to SEFL amounts to CHF 10.4 million, or
approx. 39% of the EIC net asset value.EIC Electricity SA ("EIC") is listed on the Swiss Exchange (SWX) and
on the Frankfurt Securities Exchange (Bloomberg: EIC SW Equity /EIV
GR Equity). The Company holds three private equity investments in the
fields of power generation, power trading and district heating.end of announcement euro adhoc 09.06.2004
Further inquiry note:
EIC Partners AG
Phone: +41-43-844 10 00
Branche: Electricity Production & Distribution
ISIN: CH0007162958
WKN: 940179
Index: Investment Index (IGSP)
Börsen: Frankfurter Wertpapierbörse / official dealing
SWX Swiss Exchange / official dealing