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11-20-2009

Rapid Granulator: Embarking on Reconstruction Process

Rapid Granulator AB, Bredaryd, Sweden, has been granted a suspension of old debts by the District Court of Jönköping Sweden. This has no effect on daughter companies or other partners but is only affecting the Swedish company. The court has granted permission for a so-called reconstruction procedure which – under Swedish law – allows the company to continue its business. This means the company will continue to carry out their business as usual, including the fulfilment of all service contracts, product guarantees and obligations.

As the company is mainly supplying granulators to the production industry, the world-wide drop in production has had a severe effect on volume as well as margins. According to Rolf Gren, CEO of Rapid Group, this is not considered to be a bankruptcy: "In fact, we have entered the process both voluntarily and in full cooperation with our Swedish bank partner, Nordea."

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