International Wire Group, Inc. (the “Company”) (Pink Sheets: ITWG) announced today that it has withdrawn its previously announced consent solicitation to the holders of its outstanding 9.75% senior secured notes due 2015 for amendments to the indenture for the Notes.
As a result, the Company will not pursue either the contemplated sale of $110.0 million of additional senior notes or the special distribution to the Company’s stockholders and option holders of up to $10.00 per share or option, or approximately $109.5 million in the aggregate, on the terms set forth in the consent solicitation statement. In accordance with the terms of the consent solicitation, no consent fee will be paid.
About International Wire Group, Inc.
International Wire Group, Inc. is a manufacturer and marketer of wire products, including bare, silver-plated, nickel-plated and tin-plated copper wire, for other wire suppliers, distributors and original equipment manufacturers. Its products include a broad spectrum of copper wire configurations and gauges with a variety of electrical and conductive characteristics and are utilized by a wide variety of customers primarily in the aerospace, appliance, automotive, electronics/data communications, industrial/energy and medical device industries. The Company manufactures and distributes its products currently at 18 facilities located in the United States, Belgium, France and Italy.
Forward-Looking Information is Subject to Risk and Uncertainty
Certain statements in this release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believes,” “expects,” “may,” “will,” “would,” “should,” “seeks,” “pro forma,” “anticipates,” “intends,” “plans,” “estimates,” or the negative of any thereof or other variations thereof or comparable terminology, or by discussions of strategy or intentions. These statements are not guarantees of future actions or performance and involve risks, uncertainties and assumptions as to future events that may not prove to be accurate. Actual actions or results may differ materially from what is expressed or forecasted in these forward-looking statements as we may determine to pursue other separate financing strategies or transactions in the future. As a result, these statements speak only as of the date they were made and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Many important factors could cause our results to differ materially from those expressed in these forward-looking statements. These factors include, but are not limited to, our future results of operations, general market conditions, national or global events affecting the capital markets, unforeseen developments in our business or industry or changes in law or regulations governing our ability to pursue other separate financing strategies or transactions in the future, among other factors.
For additional information regarding the factors that may cause our actual results to differ from those expected by our forward-looking statements, see “Risk Factors” in the Company’s 2010 financial report. This report is accessible on the “Additional Financial Information” page on the Investor Relations portion of the Company’s website, available at http://www.internationalwiregroup.com/investor-relations/.
Glenn J. Holler, 314-238-1322
Senior Vice-President, Chief Financial Officer and Secretary
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here