Elcoteq's three Finnish subsidiaries file for bankruptcy - parent to continue controlled management process

Wednesday, 31. August 2011 07:51
Elcoteq SE
Stock Exchange Release
August 31, 2011 at 8:50 (EET)

Elcoteq SE's three Finnish subsidiaries, Elcoteq Finland Oy, Elcoteq Lohja Oy
and Elcoteq Design Center Oy, have today filed for bankruptcy due to lack of
funding of those companies. The parent company Elcoteq SE domiciled in
Luxembourg has previously been accepted in the controlled management procedure
under Luxembourg laws. As a consequence of the revolving credit facility
lenders' continued enforcement actions, Elcoteq SE is no longer able to continue
the funding of the Finnish subsidiaries. Therefore, the Finnish subsidiaries are
not able to carry on their operations and have been forced to file for
bankruptcy. This affects approximately 100 persons in Finland. Elcoteq SE
continues the controlled management process in Luxembourg and business
development together with its key customers. Elcoteq employs approximately
6,800 people worldwide.


The Board of Directors

Olli-Pekka Vanhanen, Senior Vice President, Business Control and Accounting,
tel. + 358 10 413 11
Markus Skrabb, Senior Vice President, Legal Affairs, tel. + 358 10 413 11

About Elcoteq

Elcoteq SE is an experienced Life Cycle Service Partner in electronics with a
global network of service centers. Elcoteq provides a wide range of services to
original equipment manufacturers (OEM) and to service providers such as
operators, retailers and insurance companies.

Elcoteq's Electronics Manufacturing Services (EMS) Business Segment provides
global supply chain solutions such as Engineering and Manufacturing Services but
also technology and component Sourcing, custom Configuration, Testing, Delivery
and other product supply related Services. EMS products range from control and
security, communications infrastructure and lighting solutions to special
purpose mobile devices and home entertainment systems.

Elcoteq's After Market Services (AMS) Business Segment provides globally reverse
supply chain solutions for its customers consisting of Reverse Logistics, Depot
Repair, Refurbishment, Recycling and Salvaging Services as well as AMS specific
Engineering and Customer Support Services. AMS products range from mobile
phones, tablets, flat panel TV's and set-top boxes to personal navigation and
gaming devices.

Elcoteq SE is listed on the NASDAQ OMX Helsinki Ltd.  For more information visit
the Elcoteq website at www.elcoteq.com

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Source: Elcoteq SE via Thomson Reuters ONE

Related Links: Elcoteq Network SE
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