Home / Knowledge / News / Textiles / DOGI International in administration
DOGI International in administration
28
May '09
DOGI International Fabrics Board of Directors, in meeting in El Masnou, has agreed to present a Insolvency Process, the objective of which is to guarantee the Company's continuity.

The reasons why the Group's Spanish subsidiary is presenting the Insolvency Process are, first of all, the reduction in sales suffered in the last quarter of 2008 and the first quarter of 2009. Secondly, an excessive cost structure, increased by the duplicity in costs caused by the transfer of the mill to the new facilities at Dogi II.

These reasons, together with the restriction of credit from the financial entities, which have prevented the company from attending its financial obligations, have caused and direct effect on the Group's treasury. Over the last months the Company has tried to obtain external financing, but it has not been possible in the end.

Tomorrow the Company will present the Insolvency Process request to the Mercantile Court in Barcelona. The liability of this proceeding amounts to 42 million Euros, of which 28M Euros corresponds to financial entities, 5M Euros to the Dogi Group and 3M Euros to the Civil Service.

DOGI Spain aims to overcome this situation as quickly as possible and has opted for presenting an “Early Offer of Agreement” and to this effect is finalising the elaboration of a feasibility plan that includes the Company guidelines.

DOGI International

Must ReadView All

Textiles | On 26th Apr 2017

Kering's consolidated revenue growth rises 31.2% in Q1

The consolidated revenue growth for luxury group Kering for the first ...

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Textiles | On 26th Apr 2017

CITA to add insufficiently available fabric in CAFTA-DR

The Committee for the Implementation of Textile Agreements (CITA) has ...

Interviews View All

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search