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Trevira to enter restructuring process via insolvency procedure
04
Jun '09
Trevira GmbH will enter a restructuring process via the insolvency procedure. The company, a leading global manufacturer of polyester fibres, has filed for insolvency at the Augsburg local court yesterday. All operations at Trevira GmbH will be continued unchanged during the preliminary insolvency procedure. Customer orders will be carried out completely, deliveries executed after the insolvency announcement will be fully paid.

The employees' wages and salaries are secured by the insolvency payments for a period of three months. Working contracts will continue to be valid during the period of the preliminary insolvency procedure.

Werner Schneider has been appointed preliminary insolvency manager by the court. Schneider counts among the most renowned and experienced German insolvency managers and has already managed major insolvency procedures like Walter Bau.

The Trevira management has put forward the application of insolvency at a point of time early enough to establish the preconditions for a successful restructuring. In addition, the Indian Reliance Group, owner of Trevira, has committed themselves to pay in full the outstanding bank liabilities of 55 million Euro for Trevira GmbH.

"Trevira will enter the insolvency procedure without having bank liabilities. This will further increase the chances of a successful restructuring", says Trevira managing director Elke Bäuerle, who will push forward the restructuring process at Trevira.

Reliance had just recently appointed Mrs Bäuerle, a well experienced restructuring expert of the lawyers' office Schultze & Braun, as managing director and put her in charge of the reconstruction of the company.

Furthermore, Mrs. Bäuerle explained first steps to restructure the company: "The crucial question we have to answer is: where do we earn money and where do we lose money?" This will be examined in detail during the next weeks and is aimed to concentrate the company to its sound and profitable core. Trevira has good products and is basically competitive. As Reliance has no intentions to stay involved with Trevira, it is planned to sell the company to a suitable investor, who will offer a longterm perspective to Trevira.

Bäuerle and Schneider aim to keep as many jobs as possible. "However, in face of the overall difficult economic situation, we will not be able to avoid some deep cuts", Bäuerle emphasised.

Trevira GmbH

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