Despite these efforts, the latently rising variable costs could not be offset by implemented price increases, partly due to the company's lower-than-expected revenues in September and October 2018. Considering these circumstances, the management has decided to carry out the necessary reorganization/restructuring of the company within the framework of insolvency proceedings under its own administration and, on Monday, filed for an application with the competent local court in Pinneberg to open insolvency proceedings under its own administration.
Feldmuehle GmbH develops and manufactures high-quality, white, coated label papers, packaging papers and graphic papers for the German and international market. The company has about 400 employees in Uetersen, near Hamburg. The annual production capacity is about 250,000 tonnes of paper.
Restructuring within the framework of self-administration gives the company's management the opportunity to undertake and respectively implement all necessary measures to improve profitability and thus to take measures towards the company's sustainable competitiveness.
At the same time, an application to the Pinneberg Local Court has been filed that future deliveries and services ordered by Feldmuehle GmbH shall be paid as mass liabilities. Business operations will be continued.