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Xeikon to liquidate, Agfa writes off value

Jan 23, 2002 12:00 AM

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The board of directors at digital press vendor Xeikon N.V. (Mortsel, Belgium) has concluded that it will not be able to secure new capital for the company within the timeframe of the provisional creditor protection.

As such, the Xeikon board has decided that it is in the best interests of the company to sell its assets. Xeikon has reportedly received several non-binding offers, which it hopes to finalize in the near future. The board further determined that, upon completion of the transfer of activities and sale of assets, the company will be liquidated and the purchase price applied toward repayment of outstanding debts.

Xeikon also announced that Nasdaq is seeking to delist the company’s securities from the Nasdaq National Market System. Based on Xeikon’s intentions to liquidate, Agfa-Gevaert Group (Mortsel, Belgium) has announced its decision to write off the remaining EUR 13 million value (approximately $11.5 million) that Xeikon represented in its books.