DGAP-News: Nabaltec AG / Key word(s): Miscellaneous
Nashtec's current supply of APYRAL(R) 40 CD for its customers is secure
Schwandorf, 15 January 2016 - Nashtec LLC, a Delaware limited liability company, is a joint venture company between Nabaltec (which holds 51% of the membership interests in Nashtec) and Allied Alumina LLC (which holds 49% of the membership interests).
On Monday January 11, 2016, Nashtec's supplier of aluminum hydroxide required for the production of APYRAL(R) 40 CD, Sherwin Alumina LLC, filed a petition in the U.S. Bankruptcy Court in Corpus Christi, Texas, for relief under chapter 11 of the U.S. Bankruptcy Code. Sherwin is continuing to operate its business in the ordinary course while under bankruptcy court protection. At the Nashtec facility, this will also cause no supply limitations to the customers. Sherwin's filings with the bankruptcy court included a proposal to sell its alumina production plant and all of its other assets to Corpus Christi Alumina LLC, a Delaware limited liability company, or to a third party that presents a higher and better bid. Until the proposed sale is approved by the bankruptcy court to Corpus Christi Alumina or a higher and better bidder, and a sale to the successful bidder is consummated, Nabaltec expects that Sherwin will supply Nashtec with aluminum hydroxide under the terms of the existing supply agreement between Sherwin and Nashtec. Upon consummation of the sale of the alumina production plant, the supply of aluminum hydroxide may be subject to a further agreement to be concluded between Nashtec and the buyer.
About Nabaltec AG:
|Phone:||+49 9431 53-0|
|Fax:||+49 9431 53-260|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart; Open Market (Entry Standard) in Frankfurt|
|End of News||DGAP News Service|