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Neschen to keep calm and carry on

Neschen to keep calm and carry on

Following the announcement on 17th April that Neschen AG’s board of Directors had filed for insolvency and applied for self-administration due to existing liabilities from an old credit agreement that it is unable to pay, the company’s employees, customers and suppliers have all pledged their full support.

The temporary creditors’ committee of market-listed Neschen AG agreed to the application for self-administration and Arndt Geiwitz has wasconfirmed as the temporary creditors’ trustee.

HenrikFelbier, CEO of Neschen AG, explained: “We are still in a position to deliver goods and pay all due liabilities, and our employees and customers are standing by us, support which speaks volumes. The insolvency has not affected our business operations, which will carry on as before.”

All of Neschen AG’s 300 employees in Europe should retain their jobs and the company’s Board of Directors is now tasked with reorganizing the company’s financing and shareholding structure.

Dr. Bettina Breitenbücher, Chief Restructuring Officer for Neschen AG, added: “The company is in a position to pay all of its liabilities  and is in good order. We have sufficient assets to pay our suppliers for all new orders andNeschen continues to be a stable business partner and will use this insolvency to eliminate its financial burdens,” The first investors have already expressed their interest in the company leading HenrikFelbier to conclude:  “We feel confident that we will find a long-term investor as we have already spent the last three years restructuring the company’s operations.

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