Press releases
Griffine launches insolvency proceedings
Duroc's wholly owned subsidiary Griffine Enduction S.A. with operations in France, launches a "redressement judiciaire", a form of reconstruction process in accordance with French insolvency law. Write-downs of the total value of Griffine in the consolidated income statement have already been carried out in the previous quarter. For Duroc, the process means that a significant source of loss disappears and that the financial key figures are strengthened pro forma.
Update from Duroc
· SECOND QUARTER EARNINGS DEVELOPMENT – CONTINUED UNFAVORABLE CONDITIONS IN LARGE PARTS OF THE GROUP, LOW NET DEBT MAINTAINED · INSURANCE SOLUTION FOR THE PENSION LIABILITY IN IFG IN PLACE – RISK ELIMINATION AND SIGNIFICANT POSITIVE EFFECT ON CASH FLOW FROM OPERATIONS · THE DEVELOPMENT IN THE FRENCH SUBSIDIARY GRIFFINE SA – DIVESTMENT PLANNED RESULTING IN A NOTABLE PROFIT INCREASE · THE FUTURE –AMPLE ROOM WITH A FOCUS ON LONG-TERM VALUE GROWTH