Valartis Group announced definitive moratorium lifted

The Cantonal Court of Zug has approved on 17 November 2016 the application for lifting of the definitive moratorium on Valartis Group AG following its successful recovery. Valartis Group AG is now completely recovered, as the group reported in the statement today.

The divestment of the private banks in Austria and Liechtenstein, which were pre-conditions for the recovery of Valartis Group AG and the Liechtenstein-based finance holding, Valartis Finance Holding AG, were concluded on 1 April 2016 and 20 September 2016, respectively. The application for lifting of the deferment of bankruptcy for Valartis Finance Holding AG has already been approved on 28 October 2016 by the Princely Court of Liechtenstein. Valartis Finance Holding AG repaid all outstanding liabilities following closing of the sale transaction of the Liechtenstein banking group on 20 September 2016 and is also completely recovered and debt-free, the statement added.

Valartis Group AG asked moratorium in November 2015: the financial difficulties had created cash flow problems.