Current report no 82
Westa ISIC S.A.
Registered office: 15, rue Edward Steichen,
R.C.S. Luxembourg: B 150326
Financial situation update.
The Board of Directors of WESTA ISIC S.A. informs that the Company has failed to reach the agreement on the loan portfolio restructuring with Ukrainian banks. On the back of economic and political crisis in Ukraine current debt level is unbearable for the Company and may lead to the following:
- production and sales halt by all of the Ukrainian subsidiaries of the Company;
- loss of ownership and control over most of PP&E, which were pledged to the creditors;
- continuation of the bankruptcy procedures of WESTA-DNEPR PJSC, WESTA INDUSTRIAL LLC and INDUSTRIAL ENERGY SYSTEMS LLC (subsidiaries of the Company), which may lead to liquidation of these entities.
Moreover the Company may not meet some of the regulations requirements (such as audited consolidated financial statements publication) due to lack of funds.
Legal grounds: Art. 56.1 in connection with article 56.6 of the Act of 29 July 2005 on the public offering, conditions governing the introduction of financial instruments to organized trading system and on public companies.
Signatures of individuals authorized to represent the Company:
|03-03-2015||Oksana Mazurkevych||Oksana Mazurkevych|