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As of 2:05 PM 11/26/14 All times are local (Market data is delayed by at least 15 minutes).

ultrasonic ag (US5) Snapshot

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01/22/14 - €8.80
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ultrasonic ag (US5) Details

Ultrasonic AG, through its subsidiaries, is engaged in the design, production, and sale of footwear products primarily in the People’s Republic of China. The company operates in four segments: Shoe Soles, Sandals and Slippers, Urban Footwear, and Accessories. It provides urban footwear products, including outdoor, casual, and business footwear products, as well as accessories, such as socks, leather bags, and belts; sandals and slippers; and shoes soles for sports shoes. The company markets its products to the manufacturers of footwear and sports related apparel products, and trading companies under the Ultrasonic and Happy Dog brand names through its regional distributors. Ultrasonic AG was founded in 1998 and is based in Düsseldorf, Germany.

1,472 Employees
Last Reported Date: 08/28/14
Founded in 1998

ultrasonic ag (US5) Top Compensated Officers

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Executives, Board Directors

ultrasonic ag (US5) Key Developments

Ultrasonic AG Presents at 4th Annual Berenberg 1 - 1 Symposium @ German Equity Forum, Nov-26-2014

Ultrasonic AG Presents at 4th Annual Berenberg 1 - 1 Symposium @ German Equity Forum, Nov-26-2014 . Venue: Maritim Hotel, Theodor-Heuss-Allee 3, 60486 Frankfurt am Main, Germany.

Ultrasonic AG Announces Management Changes, Effective from October 27, 2014

Ultrasonic AG appointed Dr.-Ing. Harald Zender to the Management Board of the company with effect from 27 October 2014. In addition to his long-standing experience in the areas of private equity and management consulting, Dr. Zender has extensive knowledge of the Asian market: As interim manager at Kinghero AG, he has taken several measures to stabilize the company and has gathered wide experience in cooperating with Chinese authorities. The company's CFO, Chi Kwong Clifford Chan, is stepping down also with effect from 27 October 2014. Mr. Chan originally intended to vacate his post for personal reasons on 30 September 2014 but announced on 17 September that he was prepared to remain in his function as CFO for an interim period to help clarify Ultrasonic's situation.

Ultrasonic AG Announces Credit Facility Accelerated, Insolvency Procedures Are Imminent; Announces Executive Changes

Cathay United Bank Co. Ltd., exercising its function as facility agent, notified Ultrasonic AG on September 17, 2014 that there were subsisting events of default as defined in the credit facility agreement between Ultrasonic and Nomura International (Hong Kong) Ltd. concluded on 8 August 2014. As a result of this, in accordance with a respective clause of the facility agreement, the USD 60 million credit facility together with interest of USD 180,236.89 unexpectedly was accelerated as of 17 September 2014, being immediately due and payable. However, the creditors agreed to enter into further negotiations with the CFO and the Supervisory Board of Ultrasonic AG in order to determine if potential insolvency procedures at Ultrasonic AG can be avoided. Moreover, CFO and Supervisory Board currently consult with its legal advisors to assess the exact legal implications of the claim. The company announced dismissed Qingyong Wu and Minghong Wu from their posts in the September 17, 2014 Supervisory Board meeting. At the Supervisory Board meeting, Chi Kwong Clifford Chan agreed to withdraw his resignation scheduled for 30 September 2014. For the time being, he will stay Chief Financial Officer of Ultrasonic AG and support the company to clarify the current situation. His designated successor, YEUNG Man Kin, who should have assumed the post from 1 October 2014, meanwhile rescinded his contract in the course of the most recent events.


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