DGAP-News: Neschen AG / Key word(s): Insolvency/Restructure of Company Neschen AG: Insolvency proceedings opened and new collective agreement concluded 01.07.2015 / 14:39 --------------------------------------------------------------------- Neschen AG: Insolvency proceedings opened and new collective agreement concluded - Self-administration confirmed - Operative business trend positive - Mediation in the legal dispute with Sandton Bückeburg, July 1, 2015. The District Court of Bückeburg today resolved to open Neschen AG's insolvency proceedings and confirmed the self-administration of the company as well as Arndt Geiwitz as trustee. "The insolvency proceedings will enable the company to relieve itself from its debt burden of the past", explained Dr. Bettina Breitenbücher, Chief Restructuring Officer of Neschen AG. Under the insolvency, outstanding loans could be settled, so that Neschen could once again completely focus on its future and invest. At the same time, Henrik Felbier, Board spokesman, stressed "that Neschen has so far developed well from an operative viewpoint and that we are continuing to expand our product portfolio". The positive trend has enabled the company to prevent job losses. Immediately before the insolvency proceedings were opened, it was also possible to conclude a long-term collective agreement solution for Neschen AG, which will replace the short-term restructuring agreements in place since 2009 and should provide investors with long-term security. "Neschen has proven itself as a reliable partner for its customers, suppliers and employees after the successful operative restructuring of the last three years and will emerge strengthened from the insolvency", says Felbier. The Executive Board of Neschen AG filed for insolvency with an application for self-administration on April 17, 2015. The reason for the insolvency application was the existing liability from an old credit agreement that the company cannot settle. As a result, it was thus not possible to issue a positive prognosis for the company. In this regard, Neschen agreed on a mediation procedure with the hedge fund for the legal disputes, which will start in mid-August. "It is important to note that the company nevertheless has remained solvent at all times. Of course, we have ensured that it will be possible to pay each new supplier order after the insolvency proceedings have been opened", emphasizes Dr. Bettina Breitenbücher. Neschen AG, Bückeburg - Neschen Coatings and Neschen Filmolux Neschen AG develops innovative coating solutions for all creative requirements in the area of functional coatings of sheet type materials. Production, under the brand name Neschen in Bückeburg manufactures digital print, adhesive and protective media, while trading activities are bundled under the brand name Filmolux. The Filmolux sales organizations offer their customers, in addition to Neschen products, a broad range and a high level of service in the viscom and book protection market through global product purchasing as well as efficient information and merchandise logistics. The approximately 300 employees of the Neschen Group generated annual sales of over EUR60 million in 2014. www.neschen.com Contact: Tobias M. Weitzel Phone: +49-177-7215760 weitzel@kommunikation-bsk.de --------------------------------------------------------------------- 01.07.2015 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Neschen AG Hans-Neschen-Str. 1 31675 Bückeburg Germany Phone: + 49 (0) 5722 207-0 Fax: + 49 (0) 5722 207-197 E-mail: a.buhrmester@neschen.de Internet: www.neschen.de ISIN: DE0005021307 WKN: 502130 Listed: Regulated Market in Frankfurt (General Standard), Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 374263 01.07.2015
DGAP-News: Neschen AG: Insolvency proceedings opened and new collective agreement concluded
| Source: EQS Group AG