Apr 02, 2012. /Lesprom Network/. The Executive Board of Pfleiderer AG filed a request to open insolvency proceedings with the relevant Court in Düsseldorf, as the company said in a press release received by Lesprom Network. This became necessary as on March 27, 2012, the Higher Regional Court, Frankfurt/Main, rejected the application for release related to the lawsuits against the resolutions adopted by the meeting of bond creditors on June 20, 2011. As a result, the resolutions regarding the planned capital measures adopted with a large majority of votes cannot be implemented in time. The debt relief and recapitalization of the company that had been planned within the scope of the restructuring plan is now no longer possible by this means. The Executive Board now plans to implement the financial restructuring by way of an insolvency plan, which allows for a timely and legally binding implementation of the restructuring measures and will lead to a substantial debt relief of Pfleiderer AG, as originally planned. The Executive Board will act as debtor in possession; this will allow the Executive Board to continue to manage the business and to complete the ongoing restructuring under the supervision of a custodian. The Court appointed Horst Piepenburg as temporary custodian. The insolvency does only affect Pfleiderer AG as the holding company but not the operational subsidiaries that are organizationally and financially independent from the holding. As a result, the operating business and the related jobs will not be affected by the insolvency of the AG. Pfleiderer AG currently has 10 employees, Pfleiderer Group currently has about 4,900 employees (including the operations in North America that are for sale), of which more than 2,000 employees are in Germany. Hans-Joachim Ziems, member of the Executive Board who is in charge of the Group’s restructuring among his other responsibilities, commented: “I regret that we were not able to implement the original restructuring resolutions despite the high level of approval among the parties involved and that therefore, the existing shareholders and bond creditors can no longer participate in the successful restructuring of Pfleiderer. We will now continue with our restructuring by way of an insolvency plan. Pfleiderer is well prepared for this situation. In particular, the so-called debtor in possession approach or self-administration is good news for our employees as it will enable us to complete the restructuring that is already well underway and led to positive operational results without any further delay.” The Pfleiderer Group is one of the worldwide leading manufacturers of engineered wood, surface finished products and laminate flooring.