Supervisory board surrounding shareholder Dr. Marx fails with dismissal of sole member of SKW management board Dr. Kay Michel

  • Trustee neither approves this resolution, nor the resolution to appoint supervisory board member Dr. Marx to the management board 
  • Disadvantages for creditors in the on-going insolvency proceeding under self-administration and imminent risks for business operations as reasons 
Munich, May 30, 2018 – Dr. Christian Gerloff, the court appointed trustee of SKW Stahl-Metallurgie Holding AG, currently subject to insolvency proceedings under self-administration, has informed the company today that he refuses to give his approval which is according to sec. 276a German Insolvency Code a necessary prerequisite for the dismissal of the sole member of the management board, Dr. Kay Michel, and also for the appointment of supervisory board member Dr. Olaf Marx as member of the management board.

Dr. Marx had previously notified the company that the newly assembled supervisory board under his chairmanship has resolved to dismiss Dr. Kay Michel as member of the management board of SKW Stahl-Metallurgie Holding AG and to appoint Dr. Marx as substitute for Dr. Michel pursuant to sec. 105 para. 2 German Stock Corporation Act for a term of one year. Now, these resolutions do not become effective. 

Dr. Michel continues to manage the business of the company as the sole member of the management board.

As reasons for his decision, the trustee informed that the intended personell changes in the management board will have negative effects on the creditors in the on-going insolvency proceeding. Furthermore, with a view to possible reactions from customers and other business partners, imminent risks for business operations would have to be assumed. Dr. Marx had announced publicly, to be striving for a withdrawal of the insolvency plan, however, so far he has not submitted a viable alternative concept for the financial restructuring of SKW Holding.The insolvency plan submitted to the insolvency court provides for a satisfaction rate of 100% for creditors claims as well as a debt relief and the continuation of the company under new ownership.

Frank Elsner
Frank Elsner Kommunikation für Unternehmen GmbH
Telefon: +49 89 99 24 96 30
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About SKW Stahl-Metallurgie Holding AG and the SKW Metallurgie Group
The SKW Metallurgie Group is a global market leader for chemical additives for hot metal desulphurization and for cored wire and other products for secondary metallurgy. The Group’s products enable steel-makers to efficiently manufacture high-quality steel products. Clients include the world's leading companies in the steel industry. The SKW Metallurgie Group has more than 50 years of metallurgical know how, and currently operates in more than 40 countries. What is more, the Group is a leading supplier of Quab specialty chemicals, which are mainly used in the global production of industrial starch for the paper industry. The SKW Metallurgie Group is headquartered in Germany with production facilities in France, the US, Canada, Mexico, Brazil, South Korea, Russia, the Peoples' Republic of China and India (joint venture). Shares of SKW Stahl-Metallurgie Holding AG have been listed in Frankfurt Stock Exchange's Prime Standard since December 1, 2006; since 2011 (conversion to name shares) with ISIN DE000SKWM021.

This press release may include certain forward-looking statements which are based on currently available assumptions and predictions of the SKW Metallurgie Group‘s management as well as on other currently available information. Various identified as well as unidentified risks and uncertainties as well as other factors may result in a deviation of actual results, financial situation, development or achievement of the company compared to the assessments made herein. SKW Stahl-Metallurgie Holding AG does not intend and assumes no liability to update such forward-looking statements and to adjust them to future events and developments.