Tuesday, February 4, 2014

Service Point Solutions - Stock trading temporarily suspended, Chairman of the Board resigns, Bankruptcy petition filed

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


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:


  1. Looks like a certain UK based print company are angling to pick up Service Point via a prepack on the cheap.

    EY 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.

    1. Do we know who the bidders are?