FINKENHOF Rechtsanwälte PartG mbB
Protective shield proceedings for German Paperlinx group
Protective shield proceedings for German Paperlinx group
In its decisions of 16 October 2015 Darmstadt local court ordered protective shield proceedings pursuant to sec. 270b of the German Insolvency Code (InsO) for PaperlinX Deutschland GmbH and provisional debtor-in-possession management pursuant to sec. 270a InsO for Deutsche Papier Holding GmbH. Dr. Markus Plathner of law firm Brinkmann & Partner was appointed provisional insolvency monitor for both companies. Under the protective shield proceedings and debtor-in-possession management business operations will be continued without restriction under the direction of managing director, Dr. Carlos Mack, supervised by the provisional insolvency monitor, Dr. Markus Plathner. The aim of this procedure is to free PaperlinX Deutschland GmbH from past economic burdens and secure the entrepreneurial basis of the company by searching for an investor. Protective shield proceedings are only available to businesses that are not illiquid and for which a restructuring expert has issued what is known as a restructuring certificate. PaperlinX Deutschland GmbH is in the wholesale paper, film, synthetics and adhesives trade, currently has a workforce of 119 and posted sales of EUR 96.2 million in the 2014/2015 financial year. Deutsche Papier Holding GmbH is a holding company and has neither business operations nor its own staff. The German companies are part of the international PaperlinX group. Based and listed in Australia, PaperlinX Limited, the parent company of the group, specialises in paper and communication material, focusing in particular on printing, office supplies, packaging and advertising material. In the financial year to 30 June 2014 the PaperlinX group posted sales of A$2.83 billion. The management has held promising discussions with some investors over the last few weeks and will intensify these during debtor-in-possession management. It is the view of the management that the easier conditions of insolvency proceedings will provide a suitable framework that will allow the German company to be restructured through the entry of an investor. Press contact End of Media Release Issuer: FINKENHOF Rechtsanwälte PartG mbB Key word(s): Enterprise 2015-10-19 Dissemination of a Press Release, 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 |
403575 2015-10-19 |