Service Point comes out of insolvency proceedings

Barcelona, 18 December 2014  The Early Creditors Agreement (PAC) of Service Point
Solutions presented to the Court on 26 May, has been approved on 17 December by the judgement laid down by the Commercial Court number 8 of Barcelona, thus closing the insolvency proceedings initiated on 20 February this year. At the same time the court gave a positive judgement approving the Early Creditors Agreement presented by the operating subsidiaries of the Service Point Group in Spain and Belgium, as well as for the holding companies in the Netherlands and Sweden.

In order to reach this Agreement a complete restructuring of the company was necessary, only achievable in such a short space of time and with such success, thanks to the work carried out  together with financial institutions, shareholders, suppliers, clients, employees and the Insolvency Administrator, to whom Service Point is grateful for their effort and understanding. The incorporation of Paragon Group as an industrial investor and the new major shareholder was crucial to this process. Paragon recognized the Spanish multinational as a great opportunity to complement and strengthen its business, thus providing a solid industrial platform to develop its project for the future.