Viasystems completes recapitalisation

26 February 2003 News Access Control & Identity Management

Viasystems Group Inc and Viasystems Inc have announced that the companies have completed their previously-announced recapitalisation and have emerged from their pre-packaged bankruptcy process. Completion of the financial recapitalisation leaves Viasystems with long-term debt, net of cash, of less than $400m and significantly improved free cash flow through the elimination of nearly $70m in annual interest charges.

"This announcement marks both the end of our recapitalisation process and the beginning of Viasystems' revival. For the past two years, Viasystems has grappled with the unprecedented downturn in the global electronics industry along with a high debt load," said David M. Sindelar, CEO. "In response to market conditions, management has taken aggressive steps to substantially reduce our overall cost position. The culmination of the recapitalisation process eliminates our high debt load."

www.viasystems.com

Further reading:

Keenfinity creates two security businesses
News & Events Access Control & Identity Management Perimeter Security, Alarms & Intruder Detection
The Keenfinity Group, today announced the creation of two dedicated businesses from its former Intrusion & Access portfolio. Radionix will focus exclusively on intrusion alarm systems, while MiCOS will become a dedicated access control company.

Read more...

---

From the editor's desk: Inspiring the next generation
Technews Publishing News
   Welcome to the August issue of Dataweek. Peter Howells is still on leave, so I am back for this issue. I hope you enjoy the content and find value in it. August is Women’s Month in South Africa, ...

Read more...

---

Procurement is becoming a competitive advantage
RS South Africa News
As mining, manufacturing and industrial businesses continue to navigate rising costs, supply chain disruption and increasing pressure to improve operational performance, procurement and inventory management have become strategic business priorities rather than simply administrative functions.

Read more...

---

Powell Electronics signs partnership agreement with IOT Electronics
IOT Electronics News
Powell Electronics has entered into a partnership agreement with IOT Electronics to strengthen its presence across southern Africa.

Read more...

---

Omniflex delivers ICCP systems across London
Omniflex Remote Monitoring Specialists News
Omniflex has supplied impressed current cathodic protection (ICCP) systems for a range of prominent buildings across London, helping to protect reinforced concrete structures from corrosion and extending their service life.

Read more...

---

New appointments for Würth Electronics South Africa
Würth Electronics South Africa News
New appointments for Würth Electronics South Africa

Read more...

---

MTN celebrates 80 Western Cape digital graduates
News
Eighty unemployed young people from across the Western Cape have successfully completed MTN South Africa’s Digital Skills for Digital Jobs (DS4DJ) programme, earning accredited qualifications in Data Analytics, Systems Development and Cybersecurity.

Read more...

---

GirlCode Hackathon 2026 kicks off across South Africa and Botswana
News
GirlCode, in partnership with Absa Group, Truecaller, MTN, SAP Fioneer, RS South Africa and other ecosystem partners, successfully hosted the first leg of the 2026 GirlCode Hackathon.

Read more...

---

Gallagher Security assists St Vincent School for the Deaf
Gallagher News & Events Access Control & Identity Management
At a time when vehicle purchase and running costs are higher than ever, St. Vincent School for the Deaf will have a more reliable vehicle thanks to a recent donation from Gallagher Security.

Read more...

---

Rooibos heads to space
News
A South African scientific initiative linking agriculture and space research has officially launched today with the Rooibos in Space programme at Parklands College’s Innovation Centre in Cape Town.

Read more...

---