Brief: Exco Technologies Says Subsidiary ALC Voluntarily Filed Liquidation Petition In Bulgaria

Exco Technologies

21/01/2019 21:50

Jan 21 (Reuters) - Exco Technologies Ltd  XTC.TO :
    * WHOLLY-OWNED SUBSIDIARY, ALC BULGARIA EOOD HAS VOLUNTARILY FILED A
LIQUIDATION
PETITION IN BULGARIA
    * ALL SEAT COVER PRODUCTION AT ALC HAS NOW CEASED, A TRUSTEE IS EXPECTED TO
BE
APPOINTED WITHIN NEXT 14 DAYS TO LIQUIDATE ALC
    * IMPACT OF ALC'S INSOLVENCY FILING ON EXCO'S RESULTS WILL BE ABSORBED IN
ITS Q1
OF FISCAL 2019
    * IMPACT IS EXPECTED TO INCLUDE NON-CASH CHARGE OF APPROXIMATELY $6.1
MILLION
RELATED TO WRITE-OFF OF ALC'S REMAINING EQUITY
    * EXCO EXPECTS TO DE-CONSOLIDATE ALC FROM ITS FINANCIAL STATEMENTS BEGINNING
WITH
ITS Q2 FISCAL 2019 RESULTS
    * DOES NOT EXPECT ALC TO HAVE A FURTHER MATERIAL IMPACT ON ITS NET INCOME,
EPS ,
OR EQUITY POSITION BEYOND DEC 31, 2018
    * DECONSOLIDATION OF ALC WILL ELIMINATE ABOUT $23.1 MILLION OF TOTAL ASSETS
AND
$23.1 MILLION OF TOTAL LIABILITIES FROM EXCO'S BALANCE SHEET

Source text for Eikon:  ID:nGNX5BR27N 
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