Feb 27, 2016. /Lesprom Network/. In the insolvency proceedings initiated against the assets of German Pellets GmbH, the competent insolvency court in Schwerin, Germany, has appointed the lawyer Bettina Schmudde from the law firm Kanzlei White & Case as provisional solvency administrator.

In its resolution the court instructed the provisional solvency administrator to safeguard the company’s assets. The administrator also has the tasks of ascertaining whether there are sufficient grounds to commence proceedings and assessing the prospects for the company’s continued existence.

The wages and salaries of the approximately 650 employees are guaranteed for three months during the provisional insolvency proceedings by means of insolvency substitute benefits.

The declaration of claims shall not be possible until the insolvency proceedings have commenced (probably at the beginning of May 2016).

German Pellets is one of the world’s largest manufacturers and traders of wood pellets.