euro adhoc: EIC Electricity SA
Swedish Supreme Court reverses Bankruptcy Declaration of EIC's Swedish Venture (E)

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The Swedish Supreme Court reversed the bankruptcy declaration of Energisystem i Sverige AB (ESS) on Monday, June 7. ESS thus successfully appealed and reversed earlier rulings of two lower Swedish courts.

The bankruptcy declaration by the lower courts was related to the contested deferred payment of SEK 6,5 million (CHF 1,1 million) claimed by the former owner of ESS. The arbitration procedures initiated against the main lender of the venture, Lantbruksredit AB, concerning the possible reorganization or restructuring of the group, continues.

EIC, through Scandinavian Energy Finance Ltd. ("SEFL"), owns 63% of ESS. EIC's total exposure to SEFL amounts to CHF 10.4 million, or approx. 39% of the EIC net asset value.

EIC Electricity SA ("EIC") is listed on the Swiss Exchange (SWX) and on the Frankfurt Securities Exchange (Bloomberg: EIC SW Equity /EIV GR Equity). The Company holds three private equity investments in the fields of power generation, power trading and district heating.

end of announcement            euro adhoc 09.06.2004

Further inquiry note: EIC Partners AG Phone: +41-43-844 10 00

Branche: Electricity Production & Distribution
ISIN:      CH0007162958
WKN:        940179
Index:    Investment Index (IGSP)
Börsen:  Frankfurter Wertpapierbörse / official dealing
              SWX Swiss Exchange / official dealing

Weitere Meldungen: EEII AG

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