Last €1.25 EUR
Change Today -0.497 / -28.40%
Volume 1.8K
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As of 3:35 PM 10/20/14 All times are local (Market data is delayed by at least 15 minutes).

ultrasonic ag (US5) Snapshot

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11/11/13 - €9.22
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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

Chief Financial Officer and Member of Managem...
Total Annual Compensation: €39.0K
Compensation as of Fiscal Year 2013.

ultrasonic ag (US5) Key Developments

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.

Ultrasonic AG Announces Executive Changes

Ultrasonic AG announced that Minghong Wu, COO of the company informed the Supervisory Board that he has to go to the hospital for medical treatment due to ongoing health problems. He will therefore be taking six months leave of absence. During this period his operational duties will be assumed by the company's CEO Qinyong Wu and two long-standing senior managers from Sales and Marketing. In addition, following the successful negotiation of a credit facility with Nomura, the Supervisory Board announced an upcoming change of CFO. The present CFO, Chi Kwong Clifford Chan, is stepping down for family related reasons on 30 September 2014 to spend more time with his family in Hong Kong. His successor is Mr. YEUNG Man Kin, who was most recently responsible for accounting and budget planning at Amnesty International Hong Kong. Before working for Amnesty International, he held various positions in the financial services sector, including posts at the auditor and consultancy company Mazars and Modern Education Group Ltd. Mr. Yeung will take up his new post at Ultrasonic AG on 1 October 2014. Until then, Mr. Chan will also support Ultrasonic in an advisory capacity.

Ultrasonic Obtains $60 Million Credit Facility to Speed Up Growth

With the prior approval of the Supervisory Board, the Management Board of the ULTRASONIC Group signed an agreement between the Hong Kong holding China Ultrasonic Outdoorwear Holdings Co. Ltd. and Nomura International (Hong Kong) Ltd. on a USD 60 million (approx. EUR 45 million) credit facility. Along with Ultrasonic's strong internal financing capacity, this long-term credit facility increases scope for future organic and inorganic growth. The USD 60 million credit facility can be drawn within three months from signature of the agreement. If used, the nominal interest rate will be the 3-month USD Libor rate (currently 0.235%) plus 4.15% p.a. The term of the credit facility is 36 months and the repayment instalments are 5% after 18 months, followed by five instalments of 15% at three month intervals and a final instalment of 20%.


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