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Former Trevira CEO supports insolvency administrator

17
Jun '09
In order to support negotiations with potential investors for the insolvent group, Schneider could win former Trevira CEO Uwe Wöhner (49) for a cooperation. "Mr Wöhner has excellent insight into the market, extensive internal knowledge of the company, and will give valuable input in the forthcoming discussions. Moreover, he will be responsible for the stabilization of the operative daily business," Schneider explained his decision.

"Mr Schneider has asked me for my support. It is important to me to contribute to securing the future of Trevira and its employees", says Wöhner. He had been CEO of Trevira GmbH from February 2008 until April 2009 and, during this period, had initiated some sustainable developments for a fundamental restructuring. Wöhner is going to start his work on 16 June.

Schneider also said, that it is very important in the current situation to persue the negotiations with possible investors without delay, in order to prevent further damage from the company – and this is also in the interest of the employees. Schneider and Wöhner are looking forward with optimism to the discussions with investors. "The first signals were quite
positive", Schneider explained. The negotiations are scheduled to start still this week.

Werner Schneider with extensive competences
CPA Werner Schneider has been appointed as so-called „strong insolvency administrator“ by the Augsburg District Court last week. This means that administrative and executive powers are transferred to the insolvency administrator. The Augsburg court did not decide on any applications for insolvency via self-administration. Mrs Elke Bäuerle, however, remains Managing Director and organ of the company.

Currently the insolvency administrator focusses, together with his entire team, on safeguarding the continued operation of the business in all locations of Trevira. Currently the company makes daily sales of approx. 1 mn. €. Payments for goods delivered are now made to the escrow account of the insolvency administrator. „The customers are still committed to the company, that is a solid basis for the immediate future“, says Schneider.

First insolvency money paid to employees
Payment of the insolvency money for May 2009 amounting to approx. 2.7 mn € for the employees has been pre-financed and has been effected to a large extent last week. The pre-financing was made in cooperation with Commerzbank Nürnberg, and with approval of the unemployement agency.

For the financing of the daily business, money from a loan from Sparkasse Ulm and from the continued agreement with the factoring institution is available. Contrary to other statements, there were no payments made from the Indian Reliance Group to insolvent Trevira GmbH amounting to 55 mn €. This is not expected, since the liabilities of Reliance have to be met towards two banks, and not towards Trevira GmbH.

Trevira GmbH


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