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Trevira: insolvency administrator Schneider is optimistic

01
Jul '09
Insolvency Administrator Werner Schneider
During this week talks with investors for the insolvent Trevira Group are entering their second phase. Looking ahead, chartered accountant and provisional insolvency administrator, Werner Schneider, said: “To date we have held detailed discussions with eleven interested parties and this circle is now to be limited to a smaller group of companies“.

Neu-Ulm/Bobingen, 30th June 2009. Schneider thought it a very positive factor that a large number of investors had expressed a firm interest in the insolvent Trevira Group, and he saw this as an indication that the substance of the company was in good shape. The current schedule envisages the sales discussions coming to an end by July 31st – that is, while the provisional insolvency process is still going on. Interested parties include both strategic and financial investors.

“We remain very optimistic that we will find a robust investor for the entire company group by the scheduled date, one who will continue to operate the business in the long term“, Schneider goes on. The basic reasons for this positive interpretation were chiefly the comparatively low level of liabilities and the current operation of the business, which continues to go well, with the corresponding turnover and income. As things stand today, it was possible to say production would be able to continue after the 31.7, should it be the case that the search for an investor takes longer.

Turnover curve clearly on the rise
The Trevira Group is at present recording increasing turnover figures. Uwe Wöhner who is running the business at the request of the insolvency administrator, has noticed relations with customers and suppliers returning more and more to normal over the last fortnight.

“We can sense the amount of confidence of people in our environment, and we are grateful for this: it strikes a very optimistic note for the future“, declares Wöhner, who until a few months ago had been head of operations as CEO. Due to the assets loan, the present income from operations and the factoring arrangements, there were sufficient funds available to keep the business going.

Follow-on insolvencies announced
As a consequence of Trevira GmbH and Trevira Holding GmbH filing for insolvency, there have been subsequent insolvencies announced over recent weeks, as the subsidiaries there followed suit: Poland (4th June), Spain (5th June), Italy (8th June) and Belgium (17th June). Chartered accountant Werner Schneider has also been appointed provisional administrator in these cases.

First meeting of creditors' committee
The preliminary committee of creditors for the present insolvency process of the Trevira Group held its first meeting at the end of last week. The group, comprising representatives of the most important creditors and of employees, learnt details of the current position of the process from the insolvency administrator. There are at the moment around 2,500 creditors, of whom 1,700 are Trevira employees. Amounts receivable total some 85 million euros at present, a relatively small sum for a company the size of the Trevira Group.

Trevira Group


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