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Trevira Insolvency: New investor to be announced soon
04
Dec '09
"We will in due course announce the name of the new company, but it will definitely contain the brand name Trevira, so as to give the appropriate signal to the market", says Werner Schneider, insolvency administrator. The business transfer process had already been planned down to the last detail at the stage of the planned sale and can now be implemented with hardly any changes. The one difference is that not the investors will function as the main stakeholders, but that the insolvency assets represented by the administrator will take over this role. "As far as the workforce are concerned, the interrupted sales process will not involve any changes at all from the process as originally planned", Schneider makes clear.

Restructuring secures survival of company
The restructuring measures introduced at the start of the insolvency process continue to be rigorously implemented. The Trevira Group sites continue unchanged, and carry on production, while the process of hiving off the units in Denmark and Belgium that are not transferring to the new company will also proceed according to plan. "We are continuously receiving good signals from the market and we see ourselves as very well placed for the future, thanks to the restructuring", Schneider goes on to say. Business in November had developed positively and they were holding to the forecast that the new enterprise would attain positive operational results in 2010.

The order situation and yield structure are very pleasing, meaning that production can carry on at current levels. This also safeguards the manufacturing sites and the jobs in place there. “We need a period of calm in the company now and will be concentrating on our strengths, before we take up the search again for a new investor”, Schneider states.

“The new corporate structure enables us to divest ourselves of financial affiliations, making us considerably more flexible“, he continues. “The new company will have adequate equity and financial resources at its disposal. This will enable it to secure stabilisation of the business, its capacity to deliver and the necessary restructuring measures. In this way we will be able to regain the confidence of customers and suppliers.“

Uwe Wöhner to be CEO of the new company
Immediately after the sales negotiations were broken off, insolvency administrator Schneider contacted the former Trevira CEO Uwe Wöhner and appointed him to head up the new company. "During the sales preparations stage Herr Wöhner did a very good job, making the company an effective force once more. Customers, employees and suppliers have confidence in him, a very important factor in the present situation", says Schneider, commenting on his decision.

“Since filing for administration the employees of Trevira have in recent months made almost superhuman achievements, to refloat the company and regain market share“, Schneider continues. “My goal is and always was to maintain Trevira as an independent company on the market, and thus give the employees a perspectve for the future. The conditions for this are better than ever. This is the reason why I have decided to return into my new / old responsibility”, Uwe Wöhner explains.

Trevira Group

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