RHI Magnesita

euro adhoc: RHI AG
Bankruptcy Court approves Reorganization Plans - US Chapter 11 proceedings move towards final conclusion

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Company Information


On September 24, 2007, an order was entered by the Bankruptcy Court approving the PoRs and overruling all remaining objections to them. In order for the confirmation order of the Bankruptcy Court to become final, it must be affirmed by the District Court. In the event that   the District Court affirms the Bankruptcy Court order, the time for an appeal (30 days) must, moreover, expire.

As previously disclosed, RHI, several RHI affiliates and various US companies operating un-der Chapter 11 (including North American Refractories Company /NARCO) had reached set-tlement agreements in April 2004 to settle all mutual prepetition claims.

Beginning in June 2005, the US-Chapter 11 companies filed Plans of Reorganization (PoRs). The PoRs filed by these companies incorporate the abovementioned settlement agreements. A condition to the NARCO settlement agreement is a USD 40 million payment by Honeywell International Inc. to RHI Refractories Holding under a prior contract, which payment is called for upon final approval of the confirmation order and consummation of the PoRs.

If the approval given by the Bankruptcy Court becomes final and the PoRs become effective, RHI AG and its affiliates permanently receive protection with respect to all remaining asbes-tos claims against the debtor companies in the USA.

@@start.t2@@end of announcement                                                 euro adhoc 26.09.2007 08:08:00

ots Originaltext: RHI AG
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Investor Relations
Mag. Barbara Potisk
Tel: +43-1-50213-6117
Email: barbara.potisk@rhi-ag.com

Branche: Refractories
ISIN:      AT0000676903
WKN:        874182
Index:    ATX Prime
Börsen:  Wiener Börse AG / official dealing

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