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Planned restructuring concept to be initiated for Trevira, Mr Schneider

03
Aug '09
The insolvency proceedings for Trevira GmbH and Trevira Holding GmbH have been officially instituted on 1st August 2009. CA Werner Schneider who has already managed the preliminary proceedings has been appointed Insolvency Administrator by Augsburg District Court. The current negotiations with a possible investor continue as before with a positive perspective.

"We definitely expect a conclusion of the negotiations soon“, CA Werner Schneider comments the status of the investor meetings. He sees the good will of both parties as the reason for this justified optimism. „We are within the limits of the time schedule, and currently we only have yet to discuss formal issues and details", Werner Schneider adds.

The aim is a quick conclusion of investor negotiations
A quick conclusion of the sale will provide the precondition to continue production successfully and to save as many jobs as possible. The deal with an investor includes the German locations in Bobingen, Guben and Hattersheim, the production site in Poland, all trademark/IP rights and patents of the Trevira Group and well as the sales offices in Southern Europe.

For the subsidiaries in Belgium and Denmark a Management-buy-out solution is planned. Negotiations in this respect have also been started already. "We are very confident that here too a continuation of the business can be ensured when the previous experienced managers will take over", Insolvency Administrator Werner Schneider says.

The planned restructuring concept will be initiated
Already with the start of the insolvency proceedings, however, economically necessary restructuring measures will also have to be initiated within the Trevira Group. "This meansthe implementation, to a large extent, of the reasonable concept which had been practically ready for start-up already before the application for insolvency", Insolvency Administrator Schneider explains. The moderate decrease of jobs in production and services in all locations is one part of the restructuring concept.

Over three quarters of all approx. 1,800 jobs saved
At the time of the official institution of the insolvency proceedings the company has 1,762 employees. The figure reflects the fact that, since filing for insolvency on 2 June 2009, already 56 employees have left the company. In total the concept includes a reduction by approx. 300 jobs. Currently a balance of interests including exact figures for the individual sites is being negotiated. Therefore, final details cannot be communicated at this point of time yet. Affected employees in the locations in Germany shall be offered the transfer into a job-creation and training company.

If all measures can be implemented as scheduled, more than three quarters of all jobs will be safeguarded. This rate of 78% is extremely high for an insolvency procedure. "Due to the good economic substance of the company we had, from the very beginning, committed ourselves to save as many jobs as possible", says Insolvency Administrator Werner Schneider.

Trevira GmbH


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