Metallkraft senior secured bondholders to vote on restructuring sale

By Marisa Wong

Madison, Wis., Feb. 21 - Holders of Metallkraft AS' NOK 14 million 12% senior secured bonds will vote on a proposed sale of the company's shares in Metallkraft Yangzhou Co., Ltd., according to a notice by Norsk Tillitsmann ASA, trustee for the bonds. The bondholders will vote at a meeting on Feb. 24.

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 would be completed in February.

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

The company has already obtained pre-commitments in favor of the proposal from holders representing about 69% of the bonds.

Approval of the sale is contingent upon holders representing at least two-thirds of the bonds voting in favor of the resolution. In order to have a quorum, at least half of the voting bonds must be represented at the meeting.

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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