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(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 company’s
restructuring plans.
The court decision means the resolutions adopted on
debt-laden Pfleiderer’s 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 AG’s
insolvency, the company would implement key measures of the restructuring plan
by way of an insolvency restructuring procedure as debtor in
possession. |
