Correction: P-D VALMIERA GLASS USA Corp. has signed Asset Purchase Agreement
Correction: US Subsidiary filed a voluntary petition for relief under Chapter 11 in the United States Bankruptcy Court for the Northern District of Georgia on June 17, 2019, not in year 2020 as stated before.
AS VALMIERAS STIKLA ŠĶIEDA (Registration No. 4000 3031 676, legal address: Cempu iela 13, Valmiera, LV-4201) (hereinafter, the Company) would like to announce that P-D VALMIERA GLASS USA Corp. (hereinafter, the US Subsidiary) has signed an Asset Purchase Agreement (hereinafter, the APA) with Saint-Gobain Adfors America, Inc. to sell substantially all Assets of its Phase I and Phase II operations in Dublin, Georgia, USA, pursuant to the terms and conditions of the APA. The total cash purchase price is Seventeen Million Five Hundred Thousand Dollars (USD 17,500,000), plus additional consideration as set forth in the APA.
The APA is still subject to approval of Bankruptcy Court overseeing the US Subsidiary’s Bankruptcy Case (Case No. 19-59440-pwb).
The Company already announced, that due to significant unexpected losses during the extended start-up phase of US Subsidiary Phase II operations, the US Subsidiary was forced to stop its Phase II Fiberglass furnace operation effective immediately on June 17th at 2.30 pm EDT. In addition, the US Subsidiary filed a voluntary petition for relief under Chapter 11 in the United States Bankruptcy Court for the Northern District of Georgia on June 17, 2019. Please see the announcement here.
More information concerning the Chapter 11 case may be obtained here.
The US Subsidiary continues to operate its Phase I Needle Mat division in the ordinary course of business.
The Company will provide further updates about significant developments as they occur in the Chapter 11 case of its US Subsidiary.
AS VALMIERAS STIKLA ŠĶIEDRA
Tel.: +371 6420 2216