Pfleiderer: Financing negotiations making good progress

Mar 14, 2011. /Lesprom Network/. The negotiations of the Pfleiderer AG with their financiers are making good progress. From the current point of view, the Board anticipates that an agreement will be reached with all financing bodies on the key points of the group re-financing. The financial restructuring of Pfleiderer therefore remains completely on schedule, as the company said in a press release received by Lesprom Network. Hans H. Overdiek, Chairman of the Board of Pfleiderer AG, comments: “The discussions with our lenders are taking place in a very constructive atmosphere. The Board is satisfied that they are driven by the intention to arrive at a fair agreement which is viable for the future of the company. We are therefore confident of coming to an agreement with all lenders within the existing schedule.” The process is being supported by business situation of Pfleiderer, which has improved again. The business development of the group came in above the company’s own expectations in the first two months of 2011, not least due to the effectiveness of the operational restructuring now becoming apparent. As a result of the capacity reductions and price increases applied, Pfleiderer has been in the black again in Germany since the beginning of this year. Pfleiderer Group is one of the worldwide leading manufacturers of engineered wood, surface finished products and laminate flooring.