Sanitec, lenders negotiating capital structure changes

By Caroline Salls

Pittsburgh, Jan. 8 - Sanitec and its owner have launched negotiations with the company's lenders to reach a viable capital structure that reflects current market conditions, according to a company news release.

Sanitec said it has a strong business with leading positions in many markets and it continues to generate a positive rolling operational cash flow and recurring EBITDA and expects to continue doing so.

However, the company said it will also continue to be affected by the sharp downturn in the economy, and its capital structure needs to be changed.

According to the release, Sanitec has secured appropriate loan condition waivers and standstill commitments to give it enough time to find a solution to its capital structure issues.

The company said it expects 2008 sales of around €880 million, with a recurring EBITDA of well over €100 million, indicating a margin of 12% to 13%.

Sanitec is a Helsinki, Finland-based manufacturer and marketer of bathroom accessories and equipment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.