Alno has to secure its financing arrangements very soon
Alno has to work out measures to secure financing of the group very soon. Despite the constantly repeated statements made by the group, that they are on the verge of a more long-term financing solution, as yet auditors have evidently not been able to any continuation forecast for Alno which extends beyond the middle of this year. In spring 2010 auditing company PricewaterhouseCoopers (PwC) issued a restructuring report for Alno in which they included a positive prognosis for the company’s continuation. In accordance with the estimation of the auditors at the time, it was to have been possible to restore the group’s competitiveness and profitability completely within the scope of the Alno 2013 restructuring concept, providing the financing was secure. In an update of the report in May 2011 PwC did indeed re-certify the group’s potential for restructuring, but expected the process to be extended over a longer period than originally planned. Furthermore, the continuation prognosis involved a number of reservations. Now in connection with the pending financial measures there is, for example, some discussion about a further capital increase. Relevant authorisations for this were already granted and renewed respectively in July 2011. If the potential for restructuring is not re-certified, it will be difficult to implement capital measures for the group on the free market. Also the credit agreements with the company banks could be endangered if Alno does not succeed in finding further financial means within a reasonable period and maintaining the going-concern status.