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By court order dated 28 January 2019, the Local Court of Pinneberg opened insolvency proceedings over the assets of Feldmuehle GmbH under self-administration pursuant to Sec. 270 InsO.

By court order dated 28 January 2019, the Local Court of Pinneberg opened insolvency proceedings over the assets of Feldmuehle GmbH under self-administration pursuant to Sec. 270 InsO. LWS continues advising the company.

On 19 November 2018, Feldmuehle GmbH filed an application for the opening of insolvency Proceedings under self-administration pursuant to Sec. 270 and 270a (1) InsO. As applied for by the management, the Local Court of Pinneberg ordered provisional self-administration on the same day.
(71 IN 238/18). Dr. Dietmar Penzlin of Schmidt-Jortzig Petersen Penzlin Insolvenzverwaltung Partnerschaft von Rechtsanwälten mbB, Hamburg, was appointed as provisional administrator.

The case concerns a follow-up insolvency: Feldmuehle GmbH is a hive-off company which acquired the business operations from the insolvency administrator of Feldmuehle Uetersen GmbH by way of an asset deal with effect from June 1, 2018. The filing for insolvency was owed to increased raw material prices and the strong dollar exchange rate.

The restructuring of the company in self-administration proceedings provides for all necessary measures to improve the profitability and thus the sustainable competitiveness of the company. The main focus is the concentration on the specialty papers production. The production of graphic papers will be discontinued. In this context, one of two paper machines was shut down.

The new business model required personnel measures and the workforce was reduced from 408 to approx. 195 employees. Most of the departing employees have been transferred to a transfer company in order to further qualify for the job market.

An insolvency plan is currently being set up to secure the future of Feldmuehle GmbH.

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