The banks have now approved the new financing arrangements for industrial holding group High Tech Industries (HTI, Neudörfl / Austria; www.hti-ag.at) – see Plasteurope.com of 02.06.2009. The deal is supported by six banks headed by Raiffeisen-Landesbank Oberösterreich and the three groups of family shareholders. A settlement has evidently been reached with previous creditor banks although no details have been released. HTI CEO Peter Glatzmeier says the agreement cuts the group’s debt by EUR 35m.

The new creditors are also providing additional financing of an undisclosed amount to help the company weather the economic crisis. The core shareholder families are converting a EUR 9m loan into equity, bringing total equity to EUR 44m at present, and a capital increase is planned for this year. Glatzmeier believes the present agreement enables the group to drive its strategy forward.