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Neschen moves forward

Neschen moves forward

The District Court of Bückeburg has resolved to open Neschen AG’s insolvency proceedings and confirmed the self-administration of the company as well as Arndt Geiwitz as trustee in a move that will help the company 
to relieve itself from its past debt burden.

Under the insolvency, outstanding loans can be settled, so that Neschen can once again properly focus on its future and make further investments in the ompany.

HenrikFelbier, NeschenBoard’s spokesman, stated “Neschen has so far developed well from an operative viewpoint and we are continuing to expand our product portfolio.” He added that this positive trend has enabled the company to prevent job losses.

Immediately before the beginning of the insolvency proceedings,Neschen AG also concluded a long-term collective agreement solution, which will replace the short-term restructuring agreements that have been in place since 2009 and should thus provide investors with long-term security.

HenrikFelbier continued: “We have proved ourselves as a reliable partner for customers, suppliers and employees after the successful operative restructuring of the last three years and will emerge from the insolvency much strengthened.”

The Executive Board of Neschen AG filed for insolvency with an application for self-administration on April 17th, 2015, due to the existing liability from an old credit agreement that the company could not settle and which was preventing it from moving forward. Neschen agreed on a mediation procedure for the legal disputes with the hedge fund, which will start in mid-August.

Dr. Bettina Breitenbücher, Chief Restructuring Officer of Neschen AG, commented: “It is important to note that we have nevertheless remained solvent at all times and that we will be possible to pay each new supplier order following the start of the insolvency proceedings.”

TheNeschen Group, which employs 300 people,generated annual sales of over €60 million in 2014.

For further information visit: www.neschen.com

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