Steel Partners Announces Update on API Group Businesses
Steel Partners Holdings LP LTD PARTNERSHIP UNIT (SPLP)
US:NYSE Investor Relations:
steelpartners.com
Company Research
Source: Business Wire
NEW YORK--(BUSINESS WIRE)--API Group Limited today announced that it and certain of its affiliates (“API Group”) have commenced administration proceedings in the United Kingdom. The API Group entities are wholly owned subsidiaries of Steel Partners Holdings L.P. (NYSE: SPLP) (“Steel Partners” or the “Company”). The purpose of API Group’s administration proceedings is to facilitate an orderly sale or wind-down of its U.K. operations, which include API Laminates Limited and API Foils Holdings Limited.API Group also announced today that in the United States, API Americas Inc. is continuing to explore strategic alternatives, including potential asset sales and/or orderly liquidation.“As previously disclosed, since early 2019, we have been working with the API Group businesses to assist in managing significant adverse change within their industries and the loss of major customers,” said Bill Fejes, Steel Partners’ Chief Operating Officer. “Importantly, we expect that all our other busi
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