Viasystems Group to go public again through IPO, report says
Mar 18, 2004
According to a reprot in the St Lious Business Journal, Viasystems Group Inc. has filed to sell $275 million of new stock in an initial public offering, more than a year after it filed for bankruptcy and went private. The report went on to say: The company said selling shareholders may grant underwriters the option to buy an additional $41.25 million in stock. In October 2002, Viasystems filed for bankruptcy, exchanging about $740 million in debt into common and preferred stock. As part of the plan, all existing Viasystems Group common shares were canceled. It previously traded on the New York Stock Exchange and the Over the Counter Bulletin Board. In May 2002, Hicks, Muse, Tate & Furst Inc. and a committee of bondholders exchanged about $500 million of Viasystems Group's debt into equity of Viasystems. Separately Wednesday, Viasystems said its fiscal year 2003 profit was $190.1 million, up from a $259 million loss in 2002. Sales were $751.5 million, up nearly 6 percent from the prior year. St. Louis-based Viasystems Group manufactures printed circuit boards and back panel assemblies for the telecommunications and electronics industry. The company has more than 22,000 employees.