SAF-Holland S.A.: Bank consortium approves restructuring report

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SAF-Holland S.A.: announced Monday, June 22, that its final restructuring report was approved by its lending banks, a consortium led by UniCredit and Dresdner Kleinwort. The restructuring report was prepared recently by the accounting firm KPMG.

The anticipated additional liquidity requirements beginning in November 2010 decreased from EUR 30 million in the preliminary report to EUR 16 million in the final version, according to SAF-Holland S.A.

Based on the approval of the report, which also confirms the group’s ability to restructure successfully, SAF-Holland S.A. says it now will finalize a financing arrangement with the bank consortium. The company says the current standstill agreement has been extended until the end of July to allow time for these discussions.