Feldmuehle Uetersen files for insolvency

Independent German paper mill Feldmuehle Uetersen has filed for insolvency.

The business filed for insolvency at the Pinneberg district court yesterday (January 24) and Hamburg-based Tjark Thies of Reimer Rechtsanwälte has been appointed as the preliminary insolvency administrator.

Thies and a team of other restructuring experts from Reimer Rechtsanwälte are currently working together with Munich-based restructuring consultancy Ruppert Fux Landmann and Feldmuehle’s management to review the situation.

Feldmuehle Uetersen employs around 420 staff and produces around 250,000 tonnes of paper a year at its mill, just west of Hamburg.

The firm said employees will continue to be paid through to the end of March 2018, with their salaries covered by the Federal Employment Agency’s insolvency allowance.

“Business operations will continue unimpeded. This goes for production as well as purchasing, sales, marketing and logistics,” said Thies.

The business specialises in the production of high-quality graphic, label and packaging papers for the German and international markets. It runs two paper machines and has an annual capacity of around 250,000 tonnes.

“Feldmuehle has first-class products, production facilities, and processes as well as a highly motivated workforce and holds a leading market position. So we are justified in seeing the current proceedings as an opportunity for the company.”
more at: https://www.printweek.com/

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