Yesterday,
Service Point Solutions filed three separate documents with the financial
regulatory agency that’s Spain’s equivalent to the U.S. S.E.C.
All of the
documents were in Spanish. If I’ve
interpreted the Google-Translate translations at least somewhat accurately, the
first two documents, basically, said this:
SPS’s stock has been temporarily suspended from trading.
The company ARALIA CONSULTANTS, SL, through its representative D. José Manuel
Arrojo Jar, has resigned as a
Director and Chairman of the Board of Directors of SERVICE POINT SOLUTIONS,
SA, by letter dated February 3, 2014, and effective from this date.
As to the third document that was filed (and, below,
at the end of today’s post, you’ll find a link to the Spanish-language version
of that document), this document appears to explain that
Service Point Solutions has formally applied for Bankruptcy protection. Here’s how Google-Translate translated this
document:
Hereby, SERVICE POINT SOLUTIONS SA
informs you, for the purpose of giving compliance with the provisions of
Article 82 of Law 24 /1988 and provisions Market Matching the following
FACT
Following the relevant fact
published on 20 January 2014, by which communicated to the Board of Directors
of Service Point Solutions SA (SPS ) agreed to initiate the preparing the
necessary paperwork to file bankruptcy Service Point Solutions , S.A. and some
of its subsidiaries , following the filing date October 25, 2013 of the
preconcurso application , hereby inform you that on the morrow was presented to
the Commercial Courts of Barcelona request for bankruptcy of the company group
header (SPS ) and the subsidiaries of the same sitas in Holland , Spain and
Belgium.
The German subsidiary , for its part
, presented , also, bankruptcy process in the city of Berlin, while the other
subsidiaries that are part of the SPS group ( UK, Norway and Sweden)
intervention under the GPP Capital, sub -holding group that was put in
receivership by the financial institutions as part of the financing syndicated
group currently being administered by the firm Ernst & Young was designated
as such by the competent court in UK ..
The decision of the board members of
SPS has been inevitable , following the refusal constant banks to accept a
series of proposals and alternatives , presented to avoid bankruptcy proceeding
the parent and its subsidiaries, in the ordinary course of recent months.
As of today the company continues to
maintain open negotiations with financial institutions and potential investor
groups aimed at concluding a transaction that allows the feasibility of group
and its business through seeking investors , restructuring processes and
negotiating with financial institutions .
The improvement in operating results
in recent months in several business
group, along with the development
plans being implemented , are aimed at power maintain the operational
activities , service to customers and ultimately the continuity of Business
group .
Link to Spanish-language version of this
document:
Posts
Looks like a certain UK based print company are angling to pick up Service Point via a prepack on the cheap.
ReplyDeleteEY just happen to be their auditor, are handling the administration and have appointed themselves as the M&A team.
It’s a fix and a done deal that’s why we didn’t waste our time and pulled out of bidding, I’m sure others did to.
Do we know who the bidders are?
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