Information as of September 23, 2020

Nachrichtenquelle: globenewswire
23.09.2020, 18:00  |  120   |   |   

The Recylex Group (Euronext Paris: FR0000120388 - RX) publishes today an information as of September 23, 2020.

As a reminder1, the Recylex share listing remains suspended until the company is able to reliably communicate on its going concern outlook. This depends on several structuring items2 which are currently being worked on, approached or constantly monitored by the management team, and more particularly:

  • The ability of Weser-Metall GmbH to continue its activities and, depending on its strategic orientations following its insolvency procedure, to continue to source secondary materials from Recylex S.A., Weser-Metall GmbH being Recylex S.A.'s main customer,
  • The restructuring of Recylex S.A.'s financial and non-financial debt in order to ensure that the cost of short and medium-term debt is compatible in the future with the Group’s new and smaller scope of consolidation, including:
    • The outcome of the request concerning the restructuring of the staggered payment plan for the fine imposed on the Group in 2017 by the European Commission,
    • The outcome of ongoing discussions regarding the restructuring of the loan from Glencore International AG concluded in 2014,
    • The outcome of the request formulated concerning the temporary suspension of the rehabilitation works of L’Estaque site and the postponement of the date of completion of the works.

Only when these items have been resolved can the continuation of Recylex S.A.'s activity be considered possible.

Sebastian Rudow, Chairman and Chief Executive Officer of Recylex S.A,, commented:

"Due to the insolvency of the former German subgroup, Recylex S.A. faces major new challenges and its horizon is still uncertain. In view of our existing business relationships, the insolvency procedure of Weser-Metall is of particular importance for Recylex S.A. According to our information, the insolvency proceeding is expected to continue for several more weeks. If Weser-Metall is sold by the insolvency administration, our first priority will be to negotiate a contract with the future Weser-Metall company in order to pursue the sale of our materials. However, it is crucial to continue to look for other outlets in the medium term. We are already in discussions with potential new customers, but no commitment has yet been signed. At the same time, we are studying the technical possibilities of adapting our industrial processes to the different qualities required by several players in the market. In doing so, we must also take into account our facilities that have been in operation for many years and do not have the latest technical processes. We will therefore also have to invest in the coming years. The Group's employees are working hard to stabilize our production and improve our productivity. Another important priority to ensure our future viability is to significantly improve the purchasing conditions for used lead batteries. We are therefore continuing to develop our supplies in this direction. Finally, we have entered into decisive negotiations to restructure our liabilities. However, this will take several months and will depend on our ability to generate sustainable profits from our activities. Only without the burden of our existing debt and with a regained competitiveness, that we will be able to create a new solid base for the future of the Recylex Group. »

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