DEF 1994 A/S, a wholly-owned subsidiary of FLS Industries A/S, has today informed the Copenhagen Maritime and Commercial Court that it has decided to suspend payments until a settlement has been reached in DEF 1994 A/S' pending appeal case in the High Court over liability to pay damages. A settlement is expected by the end of this year.
The decision to suspend payments has been prompted by uncertainty about whether the outcome of an arbitration case brought by a foreign company conducted in parallel with the pending appeal case in the High Court will make DEF 1994 unable to cover all its creditors by its own means if the outcome of the appeal case over roofing sheets sold in Denmark will not be as expected by the company. Against this background, the company has considered it right to suspend payments until the High Court has passed judgement.
The purpose of DEF 1994 A/S, which neither produces nor markets roofing sheets, is to process the claims that relate to Dansk Eternit-Fabrik A/S' activities until 31 December 1994. After this date, Dansk Eternit-Fabrik A/S' activities were taken over by Dansk Eternit A/S.
The suspension of payments will have no impact on the customers and employees of the operative business, Dansk Eternit A/S.
FLS Industries A/S
Corporate Public Relations