DGAP-News: Neschen AG: Insolvency proceedings opened and new collective agreement concluded


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

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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



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01.07.2015 Dissemination of a Corporate News, transmitted by DGAP - a
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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  
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