Deloitte, banks to rescue Genan tire recycling firm

Viborg, Denmark – Danish pension fund PKA, accountancy firm Deloitte and a group of bank lenders have signed an agreement to secure the future of tire recycling firm Genan, announced the company on 25 Feb.

In a press release, Genan said that a new chairman had been appointed to the board of the firm.

Already owning a large part of Genan's shares, in August 2014, PKA acquired 97 percent of the company’s shares.  It has since focused efforts into finding a complete solution securing the future of jobs at Genan.

According to the pension fund, a group of four bank lenders and Deloitte along with PKA have now signed an agreement ensuring the survival of Genan.

Alongside the negotiations concerning Genan’s future, PKA has focused efforts on finding a new board for the company.

Replacing Jens Kampmann is the newly appointed chairman Peter Thorsen, who has a background as CEO and investor in a number of Danish enterprises.

The new board is now tasked to appoint a new CEO for Genan.