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

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