Sep 13, 2012. /Lesprom Network/. At a court-ordered meeting, a large majority of creditors and shareholders of Pfleiderer AG approved the insolvency plan proposed by the Pfleiderer Board, as the company said in the press release received by Lesprom Network. The voting process was conducted separately by groups: All groups set up during the process approved the plan either unanimously or by a large majority. The creditors approved the plan with an overall majority of 99.46%. Shareholders approved the plan with 99.19% of the votes. As previously announced, the insolvency plan envisages significant debt relief for Pfleiderer AG and recapitalisation by means of a capital reduction to zero and a subsequent capital increase. It also involves the spin-off of companies that will no longer be included in the core business of the future Pfleiderer Group and the payment of an insolvency dividend to unsecured non-subordinated creditors. Under the insolvency plan, shareholders and subordinated creditors will not receive any compensation. Court approval of the plan and the conclusion of insolvency proceedings are expected during the next weeks. The Pfleiderer Group manufactures engineered wood, surface finished products and laminate flooring.