Zanders GmbH continues restructuring process within German chapter11 rules
Zanders GmbH has filed for the opening of ‘debtor in possession’ proceedings in the local court in Cologne on the 22 June 2018. This is a restructuring process to secure the continued operation of Zanders. It has become necessary primarily because of high pension fund payments, which continuously weigh on our operations, and a drastic increase in raw material and energy costs in the last few months, together with difficult conditions and overcapacity in our industry. By engaging in this process we can accomplish a successful restructuring that will see Zanders GmbH back in a strong, competitive trading position. In the past three years we have made many operational improvements which have delivered annual sales growth of 12%. Under the supervision of the court we believe we can build on this growth, increase our efficiency and create a solid base to continue to deliver to our customers. Click Read More below for additional information.