Financial advisor in refinancing and restructuring of the E. Pihl & Søn Group
August 26, 2013
ATRIUM advised the shareholders of E. Pihl & Søn, the Langvad family, in the process of refinancing and restructuring the contracting company.
ATRIUM advised the shareholders of E. Pihl & Søn, the Langvad family, in the process of refinancing and restructuring the contracting company.
During the fall of 2012, E. Pihl & Søn was restructured through capital injection, refinancing of existing loans and warranties as well as additional borrowings. The company's loans and warranties were renegotiated during spring 2013, as well as the liquidity framework, which was renegotiated and extended.
Unfortunately it was not possible to save E. Pihl & Søn primarily due to massive losses abroad and customer requirements to reduce prepayments. E. Pihl & Søn was declared bankrupt August 26th 2013.
E. Pihl & Søn used to be one of the oldest and largest contracting groups with activities in more than 20 countries generating revenues of more than DKK 5 bn. The Group was renowned for several significant construction projects such as the Opera House and the UN City in Copenhagen.
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