Standard Profil gains approval for deal with creditors

Eschborn/Frankfurt, Germany – Standard Profil Automotive GmbH has announced the “approval and effectiveness of scheme of arrangement” with its creditors – the company’s website shows.

The announcement follows a 9 Sept decision in the High Court of Justice Business and Property Courts of England and Wales, which sanctioned the scheme.

According to details posted by Turkish equity firm Actera Group, Standard Profil is the second largest automotive sealing systems manufacturer in Europe.

With plants in Turkey, Spain, Bulgaria, Morocco, China, South Africa and Mexico, SP employs over 7,000 people and has annual sales of around €350 million, noted Actera.

ERJ has contacted Standard Profil requesting further details about the High Court decision and the restructuring scheme agreed with creditors.