Bank Consortium Approves SAF-HOLLAND Restructuring Report

The final restructuring report for SAF-HOLLAND S.A. was approved by its lending banks, a consortium led by UniCredit and Dresdner Kleinwort.

The restructuring report was recently prepared by the accounting firm KPMG. The anticipated additional liquidity requirements beginning in November 2010 decreased from $41 million in the preliminary report to $22 million in the final version.

Based on the approval of the report, which also confirms the Group’s ability to successfully restructure, SAF-HOLLAND will now finalize a financing arrangement with the bank consortium. The current standstill agreement has been extended until the end of July to allow time for these discussions.