Ekotechnika GmbH: Creditreform lowers rating to C (watch)
13 March 2015 Corporate News
Invitation to the “vote without meeting” published
Walldorf, 13 March 2015 – Creditreform Rating AG has today adjusted its rating for Ekotechnika GmbH, the German holding company of the EkoNiva-Technika Group, the largest dealer of international agricultural machinery in Russia, from CC to C (watch). The downgrade is attributable to the planned restructuring measures, which have been decided by the management with the sole shareholder’s consent in view of the marked deterioration of the company’s balance sheet figures for the past financial year 2013/14 (30.9.) and the first quarter, which are preliminary and have not been audited yet. The negative business trend is primarily due to the difficult environment in Russia, notably the dramatic depreciation of the rouble and the sharp increase in interest rates on loans to finance equipment purchases.
Mr Stefan Dürr, the founder of the Ekotechnika Group and the driving force behind its operations, had himself reappointed Managing Director of Ekotechnika GmbH effective 6 March 2015 and will be actively in charge of the restructuring process.
Further details of the restructuring concept are outlined in the invitation to the “vote without a meeting” to the holders of the corporate bond 2013/18 (ISIN: DE000A1R1A18), which was published in the Federal Gazette yesterday.