The Schleswig-Holstein paper mill, Feldmuehle Uetersen GmbH filed for insolvency at the Pinneberg district court on January 24, 2018, as the company said in the press release received by Lesprom Network. The court has appointed the Hamburg attorney-at-law and restructuring expert Dr. Tjark Thies of Reimer Rechtsanwälte as the preliminary insolvency administrator.
“Business operations will continue unimpeded. This goes for production as well as purchasing, sales, marketing and logistics,” says Tjark Thies.
Employees will continue to be paid for their work: through the end of March 2018, their salaries will be covered by the Federal Employment Agency’s insolvency allowance.
Tjark Thies and a team of experts from Reimer Rechtsanwälte are currently working on a stocktaking, together with the Munich-based restructuring consultancy Ruppert Fux Landmann GmbH (RFL) and Feldmuehle’s management.
“Feldmuehle will continue the strategic reorganisation it has begun with the funds available to it under insolvency law. In particular, we will use the days and weeks ahead to review the extent to which the company could manage the economic rehabilitation just by itself. One conceivable alternative to this would be its acquisition by an investor,” says management consultant Ruppert.
Feldmuehle Uetersen GmbH develops and manufactures high-quality white coated label papers, packaging papers and graphic papers for the German and international market.
