AutoLogic announces conclusion of its involvement with GAL
03 July 2007
An agreement has been reached today in Paris whereby the existing shareholders of GAL and its creditors agree that the business will be taken over by Vehicle Services International (VSI), a joint venture between Wallenius Lines AB and South American partner Antelo SA.
As previously announced, AutoLogic's investment in GAL has already been written down to zero and the Group has no liability for GAL's debt.
John Merry, AutoLogic Holdings Chief Executive said:
”Over the past few months there has been considerable uncertainty about the future of GAL and its operating subsidiary Compagnie d'Affrètement et de Transport (CAT). In AutoLogic’s opinion today’s decision offers the best available solution for GAL, its staff, and its major customer Renault. Consequently AutoLogic has voted to accept this new direction for GAL.’
”Today’s announcement concludes AutoLogic’s involvement with GAL. AutoLogic has no further risks or obligations to the GAL business going forward.’
For further information please contact:
| AutoLogic Holdings plc John Merry |
Tel: 01934 523299 |
| Media: Madano Partnership Matthew Moth / Mark Way |
Tel: 020 7593 4000 |
| Investors: IR Focus Neville Harris |
Tel: 020 7593 4000 |