Monday, November 11, 2013
I suggest that you read the “blog publisher’s comments” section, which appears at the end of this post, before you read the top sections in this post.
As previously reported in a different post on this blog, this (following) comment was made by a person, who, until Friday last week, worked for SP USA:
“I was laid-off from SPUSA when they closed their doors. I just came across your article on the recent changes with SP. About 2-weeks ago, GM gathered Woburn employees for a meeting. Supposedly, this was a “good” thing that SP-USA and SP-UK had separated from SP–Spain.”
This afternoon, I received an e-mail from one of my European associates, and, in that e-mail, he said:
“Gossip in Germany is that SPS in Germany, called www.Köebcke.de, today might have filed for insolvency (in US that’s a Chapter 11) but again I cannot prove if it is correct.”
“If you go into Allkopi homepage: http://www.allkopi.no/om-allkopi/, you will find text, in Norweigan, that says, “I dag er Allkopi eid av et holdingselskap med base i England“. Translated to English, that says, “Today Allkopi is owned by a holding company based in England.’”
Lastly, I received an e-mail from another European associate, this afternoon, that, in part, said this:
“These are shocking news to me! I heard last week about the Banks seizing the operations (they had as guarantees), which already was bad news. But, from there to shutting down! I cannot believe it. Are you sure?
Why would anybody shut down if they tried to (could try to) recover some of their money?
I´ll let you know if I hear something. Anyway it is really a very sad story. I am particularly bothered by (what’s happened to) the employees and customers. It was a fine Company, and this should not have happened."
Blog Publisher’s comments:
Okay, at this point in time, I really have no idea what’s actually going on, “corporate-wise”.
To the best of my knowledge – this, before any of the recent events occurred – Service Point Solutions, a Spain-based holding company, was the “parent company” of several “wholly-owned” subsidiaries. (For example, SP USA, Inc. was wholly-owned by the Spain-based parent company, and SP UK was wholly-owned by the Spain-based parent. Etc, etc.) This may still be the case.
Given what I heard today, it may be that there have been changes, corporate-wise and corporate-wide. It could be that SP’s lenders have taken control of the company and its subsidiaries and are in the process of making – and implementing – changes. If SP USA was separated from its Spain-based parent, then when did that take place, and, if that did take place, who now owns SP USA? If Allkopi, SP’s Swedish operating subsidiary, is now owned by a holding company based in the UK instead of by SP Spain, that would be a change, and, if that did happen, who now owns the UK based holding company? Did SP’s lenders seize assets? Did SP’s lenders take control of the collateral that was pledged to secure SP’s debts? What’s going on with SP’s European, UK, and Scandanavian businesses – are they going to continue in operation, or, are one or more of them going to shut down like SP USA did? Who’s calling the shots?
We encourage SP’s CEO, Chairman of the Board, or both, to prepare and release a statement that will provide insight into what’s going on!
Posted by Joel Salus at 7:29 PM