Mittwoch, 18. Juli 2018

  • Pressemitteilung BoxID 159502

Alno AG reaches financing agreement with banks and shareholders

Financing partners support the future concept "ALNO 2013" / Group's equity strengthened by approximately EUR 40 million

Pfullendorf/Düsseldorf, (lifePR) - Alno AG's Managing Board today signed an agreement with the four syndicate banks and its two main shareholders, KüchenHolding GmbH and IRE Beteiligungs GmbH to finance the "ALNO 2013" concept. The agreement will strengthen the group's equity by around EUR 40 million. As part of the agreement, IRE Beteiligungs GmbH and Alno have also agreed a further capital increase with a volume of 5% for the first half of 2010. At the same time, the banks are reducing Alno's interest rates to a significantly more favorable level for the group retroactively as of January 1, 2010 in view of the restructuring process which has got off to a successful start.

The agreement is an elementary milestone in the group's restructuring. From Alno's perspective, this agreement thus sustainably secures the group's liquidity.

The agreement initially fixes the loan agreement with the banks through to the end of December 2011. Until now this had been "until further notice". In addition, all of the parties have signed a clause for a possible extension.

In return, the Alno Group makes an undertaking to the banks in the consortium that it will allow them to participate in the intended economic results via a "debtor warrant".

All of the parties have agreed not to disclose any further details of the agreement.

ALNO Aktiengesellschaft

Alno AG is one of Germany's leading kitchen manufacturers. It has four national production facilities and also a production facility in Dubai, and serves the German and international markets with a full range of kitchens. The Alno Group has four brands: the core brand Alno and also Wellmann (classic/modern), Impuls (minimalist) and Pino (entry-level prices). Alno AG has around 7,000 distribution partners and is active in more than 64 countries. In fiscal year 2008 around 1,900 employees recorded revenues of approx. EUR 511 million and EBITDA of around EUR 19 million.

Foreign sales accounted for 33.7% of revenues.

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