Xeikon Pursues Sale of Assets, Has Received Several Offers
Press release from the issuing company
Nasdaq Seeks to Delist Xeikon's Securities from the Nasdaq National Market System
MORTSEL, Belgium--Jan. 22, 2002--Xeikon’s Board of Directors together with the Officers that were appointed by the Antwerp Court of Commerce, reviewed the various initiatives that to date have been deployed to secure the continuity of the Company and of its operations.
The Board concluded that, in spite of all the efforts that have been made, it does not appear feasible to secure new capital for the Company within the timeframe of the provisional creditor protection. By contrast, several parties have shown an interest in acquiring all or part of the Company's activities and assets.
In these circumstances, the Board considered that the interests of the Company are best served by arranging for the sale of its activities and assets to one or more parties, pursuant to applicable Belgian legislation. The Company has received a number of non-binding offers, which it expects to be finalized in the near term.
The Board foresees that, upon completion of the transfer of the activities and sale of assets, the Company will be put into liquidation and the purchase price will be applied first towards the repayment of its outstanding debts. Based on the analysis of the current proposals, the Company does not expect that there will be any remaining funds available in the liquidation for its shareholders.
Xeikon also announced that Nasdaq has informed the Company that it will seek to delist the Company's securities from the Nasdaq National Market System. Nasdaq has imposed a trading halt on the Company's securities since its voluntary filing for creditor protection on November 9, 2001.
Xeikon N.V. develops, produces and markets commercial digital color and black and white printing systems and related consumables specifically designed to meet the quality, speed, reliability, cost, variable content and on-demand requirements of the global digital printing market. Additional information on the Company can be found at http://www.xeikon.com.
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