Restructuring

Opening of insolvency proceedings for the Schleswig-Holstein site of Feldmuehle

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On 24th January 2018, Feldmuehle Uetersen has submitted an application for insolvency proceedings for the Schleswig-Holstein paper mill to the Pinneberg district court.

The court appointed lawyer and industrial restructuring expert Tjark Thies of the Reimer Rechtsanwälte law firm as preliminary insolvency practitioner. Established in 1904, the company employs about 420 people and produces approximately 250 thousand tons paper every year in its paper mill, which is located West of Hamburg. Its products are used all over the world, mainly for the production of classical printing articles and packaging items. «Business activities will continue without obstacles. This applies both to production, and purchases, sales, marketing and logistics», says Tjark Thies. The CEO of Feldmuehle Uetersen GmbH Mr Heiner Kayser says that «Our customers can count on timely deliveries» and adds that suppliers can be sure that they will continue receiving their payments when new orders are placed.

Employees will continue being paid for their work: by the end of March 2018, their wages will be covered by the insolvency benefit paid by the German Federal Employment Agency. Tjark Thies and a team of experts from Reimer Rechtsanwälte are currently working on an inventory, together with the Munich based restructuring consulting firm Ruppert Fux Landmann and Feldmuehle. According to Thies, «Feldmuehle has premium quality products, production facilities and processes, as well as highly skilled workforce, and it has a leading position on the market, that is why we believe that the ongoing proceedings are a real opportunity for the company».

«Feldmuehle will continue with its strategic reorganization, which started with the resources made available under the German law on insolvency procedures. In particular, during the following days and weeks we will check the extent to which the company is capable of managing its economic rehabilitation alone», says management consultant Ruppert, who adds that an alternative might be represented by the acquisition of an investor.

 

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