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

Pic: Andreysha | Dreamstime.com

Textiles | On 1st Dec 2021

Factory activity in China rebounds following energy crunch ease

China's factory activity picked up in November following the easing...

Pic: Hikrcn | Dreamstime.com

Textiles | On 1st Dec 2021

Turkey second-fastest growing OECD economy in Q3 2021

Turkey has become the second-fastest growing economy in the third...

Prime Minister Sheikh Hasina. Bayazid Akter | Dreamstime.com

Textiles | On 1st Dec 2021

PM Hasina urges global investors to invest in Bangladesh

Prime Minister Sheikh Hasina recently urged investors from across the ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Consistency is the first rule of social media

Textile Industry, Head honchos

Textile Industry
Head honchos

Donating 20,000 N95 masks to hospitals & NGOs

Textile Industry, Head honchos

Textile Industry
Head honchos

Occam's razor principle and purpose-driven innovations

Kurt Wedgwood,

Kurt Wedgwood

From design to raw material to fabrication and ultimately to delivery -...

Chini Chouhan,

Chini Chouhan

Founded by Chini Chouhan, her eponymous brand specialises in women's...

G Tumbarello,

G Tumbarello

Lilly + Sid is an award-winning organic children's clothing company from...

Shlomzion Chen, Seevix

Shlomzion Chen
Seevix

Seevix Material Sciences Ltd, which develops and manufactures synthetic...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Gaurang Shah, Label Gaurang Shah

Gaurang Shah
Label Gaurang Shah

Hyderabad based designer <b>Gaurang Shah</b>, has been traversing the...

Reynu Taandon, Label Reynu Taandon + Nikhita

Reynu Taandon
Label Reynu Taandon + Nikhita

Renowned womenswear designer <b>Reynu Taandon </b>has been serving the...

Bav Tailor, Label Bav Tailor

Bav Tailor
Label Bav Tailor

Born in London and Indian by origin, <b>Bav Tailor </b>is the Founder of...

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

Leave your Comments


December 2021

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


Advanced Search