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Court decision prompts Pfleiderer AG insolvency proceedings

March 30/2012

 (ttjonline) -- Pfleiderer AG, the holding company of panels manufacturer Pfleiderer is preparing to file for insolvency after a court hearing went against it.

The company had made an appeal at the Higher Regional Court, Frankfurt, against an earlier court decision in favour of some creditors and shareholders, who were opposed to elements of the companys restructuring plans.
The court decision means the resolutions adopted on debt-laden Pfleiderers restructuring plans cannot now be implemented as planned. Restructuring implementation had been a prerequisite for the agreed waiver of claims by the company's creditors and the capital injection by investors.

"Therefore, a financial restructuring of Pfleiderer AG is not possible as planned," it said. "In accordance with the law, the management board of Pfleiderer AG is now preparing to file an application for insolvency for Pfleiderer AG."
The company said an insolvency move would have "no direct effect" on operational subsidiaries, as Pfleiderer AG (as parent company) was "purely an investment holding company".
In the event of Pfleiderer AGs insolvency, the company would implement key measures of the restructuring plan by way of an insolvency restructuring procedure as debtor in possession.
Author:Anna Larionova
Category:General News
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