Xeikon: Requests for Creditor Protection Granted in Belgium and in France
Press release from the issuing company
MORTSEL, Belgium--Nov. 28, 2001--Xeikon N.V., the world's leading supplier of production digital printing systems for a wide range of commercial and industrial printing applications, today announced that the court in Belgium has granted the Company creditor protection under applicable Belgian legislation for a 4 month period.
On November 13, 2001, the Company's subsidiary in France, Xeikon France S.A., was granted similar protection for three months under applicable French legislation.
During these periods, Xeikon N.V. and Xeikon France S.A. each will prepare, under the supervision of several officers appointed by the courts, a restructuring plan for its business. During that time, the Company will temporarily be relieved from its obligation to service existing debts.
The Company continues to manufacture, market and distribute its products during this period of creditor protection.
Mr. Gino Despeghel, Xeikon's Executive Chairman, stated: "The court's decision reflects a belief in our capability to secure the business continuity of Xeikon. It also enables us to continue with the negotiations to strengthen our financial structure.''
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