Metallkraft senior secured bondholders approve restructuring sale

By Marisa Wong

Madison, Wis., Feb. 24 - Holders of Metallkraft AS' NOK 14 million 12% senior secured bonds voted in favor of the proposed sale of the company's shares in Metallkraft Yangzhou Co., Ltd., according to a notice from Norsk Tillitsmann ASA, the trustee for the bonds.

Sufficient bondholders were present to form a quorum at the meeting held on Feb. 24. The resolution obtained 100% of the votes present.

As part of a restructuring, the company wants to sell its shares in Metallkraft Yanzhou, currently held through subsidiary Metallkraft International AS, to Asia Polymer International (HK) Ltd. for RMB 2 million. The sale is to be completed in February.

Proceeds from the sale will be transferred to the parent company and will be used for general corporate purposes.

Metallkraft recycles silicon carbide and glycol from spent slurry and manufactures solar panel wafers. The company is based in Kristiansand, Norway.

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