VALLOUREC ANNOUNCES THE APPROVAL OF ITS SAFEGUARD PLAN BY THE COMMERCIAL COURT OF NANTERRE
VALLOUREC ANNOUNCES THE
APPROVAL OF ITS SAFEGUARD PLAN BY THE
COMMERCIAL COURT OF NANTERRE
20, 2021 –
Vallourec announces that, by judgment made on May 19, 2021, the
commercial court of Nanterre, after acknowledging in particular
that the necessary regulatory approvals had been obtained, approved
the safeguard plan of Vallourec S.A. (the
“Company”), examined during the court hearing on
May 11, 2021. All creditors of the Company are thus bound by the
terms of the safeguard plan.
The next step of the financial restructuring of
the Company is the launch of the rights issue approved by the
combined general meeting of the shareholders on April 20th, 2021
and backstopped by the Creditors1, which is expected in early June,
subject to the approval of the prospectus by the French Autorité
des marchés financiers.
The indicative timetable of the financial
restructuring (as published by the Company in the prospectus
approved under number 21-093 on March 31, 2021) will be updated
when the prospectus relating to the rights issue is made available,
the completion date of the transactions provided for under the
safeguard plan still being expected, according to the indicative
timetable, on 30 June 2021.
This press release and the information it
contains do not constitute an offer to sell or subscribe, or a
solicitation of an order to buy or subscribe, Vallourec’s
securities. The dissemination, publication or distribution of this
press release in certain countries may constitute a violation of
applicable laws and regulations. Accordingly, persons who are
physically present in such countries and in which this press
release is disseminated, distributed or published should inform
themselves of and comply with any such local restrictions. This
press release must not be released, published or distributed,
directly or indirectly, in Australia, Canada, Japan or the United
States of America.
This press release is not an advertisement and
does not constitute a prospectus within the meaning of Regulation
2017/1129 of the European Parliament and of the Council of 14 June
2017 on the prospectus to be published when securities are offered
to the public or admitted to trading on a regulated market and
repealing the Prospectus Directive 2003/71/EC.
This press release may contain forward-looking
statements. By their nature, forward-looking statements involve
risks and uncertainties as they relate to events and depend on
circumstances that may or may not occur in the future. These risks
include those developed or identified in the public documents filed
by Vallourec with the AMF, including those listed in the “Risk
Factors” section of the Universal Registration Document filed with
the AMF on March 29, 2021 under filing number n° D.21-0226.
Vallourec is a world leader in premium tubular
solutions for the energy markets and for demanding industrial
applications such as oil & gas wells in harsh environments, new
generation power plants, challenging architectural projects, and
high-performance mechanical equipment. Vallourec's pioneering
spirit and cutting edge R&D open new technological frontiers.
With close to 17,000 dedicated and passionate employees in more
than 20 countries, Vallourec works hand-in-hand with its customers
to offer more than just tubes: Vallourec delivers innovative, safe,
competitive and smart tubular solutions, to make every project
Listed on Euronext in Paris (ISIN code:
FR0013506730, Ticker VK), Vallourec is part of the SBF 120 index
and is eligible for Deferred Settlement Service Long Only.
In the United States, Vallourec has established
a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN
code: US92023R4074, Ticker: VLOWY). Parity between ADR and a
Vallourec ordinary share has been set at 5:1.
May 20th 2021
Release of first quarter results
For further information, please contact:
relations Jérôme FribouletTel: +33 (0)1 49 09 39
relations Héloïse Rothenbühler Tel: +33 (0)1 41 03 77
shareholdersToll Free Number (from France): 0 805 65 10 10
1 The term Creditors refers to all creditors of Vallourec SA
under the RCF and the bonds, other than the Commercial Banks (the
Commercial Banks being BNP Paribas, Banque Fédérative du Crédit
Mutuel / CIC and Natixis).
- Press Release Vallourec - Arrêté du plan de sauvegarde (EN) -
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