Apr 17, 2012. /Lesprom Network/. The insolvency court in Dusseldorf has opened insolvency proceedings for Pfleiderer AG and ordered personal management or debtor in possession as expected. A respective request was filed by the Executive Board on March 28, 2012. Lawyer Horst Piepenburg who acted as a preliminary custodian until now was appointed as the custodian, as the company said in a press release received by Lesprom Network. The opening marks an important milestone as it will allow to restructure the Pfleiderer Group by way of an insolvency process. The Executive Board will now consequently pursue the path and develop an insolvency plan which will form the basis for a reduction of debt and recapitalisation of the company. The Pfleiderer Group manufactures engineered wood, surface finished products and laminate flooring.