ASPOCOMP’S PAYMENT LIABILITY RESULTING FROM THE FRENCH COURT DECISION HAS BEEN CONVERTED INTO A LOAN
On June 20, 2007 Aspocomp announced the decisions of the French Supreme Court to uphold the decisions of the lower court to the benefit of Aspocomp S.A.S’s former employees. A French bank, Credit Industriel et Commercial, had given a performance bond guarantee to the former employees for payment according to the decision of the Supreme Court. Nordea Bank Finland Plc had given the French bank an on-demand bank guarantee for the same sum, which sum Aspocomp had undertaken to indemnify.
The counter obligation of Aspocomp to Nordea has been converted into a bank loan. The interest rate of the loan is based on the monthly Euribor interest rate and will be initially 6.2 percent annually. Thereby the decision of the French Supreme Court will not essentially weaken Aspocomp’s immediate liquidity.
For further information, please contact Maija-Liisa Friman, CEO,
tel. +358 9 7597 0711.
ASPOCOMP GROUP OYJ
President and CEO
Aspocomp: Innovative interconnection solutions for the electronics industry
The Aspocomp Group develops and offers high technology interconnection solutions for the electronics industry in close cooperation with its customers. Aspocomp supplies printed circuit boards for mobile data terminal equipments, data communications networks and automotive industry. The company supports its global customers in developing new technologies and offers a fast route from product development to applications and volume production. The Group’s production facilities are located in Finland, China and Thailand. In 2006, its net sales stood at EUR 149 million and it had about 3,350 employees.
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