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Trevira insolvency: financing of business operation secured

30
Dec '09
Schneider sees the relatively rapid conclusion of an agreement on financing as clear evidence of confidence in the excellent inherent value and future prospects of the textile manufacturer. He goes on to say: “Following successful restructuring the company is very well placed and able to operate with complete independence in production and sales”. On this basis he would go further to forecast positive operational results for the Trevira Group in 2010.

The new company to be called Trevira GmbH:
Following the transfer of business the new company will again operate from January 2010 under the name that has become very familiar in the marketplace, Trevira GmbH. The remaining elements of the business in the former Trevira Group – and for whom other solutions are meanwhile being sought – are to be renamed “Trevira Abwicklungsgesellschaft mbH“. Appropriate entries in the register of companies were already in hand. “It was extremely vital for us to secure the Trevira brand name, since we intend to focus on continuity“, explains Uwe Wöhner, who is taking over the role of CEO of the new company at the start of the new year. Happily customers and suppliers are continuing to stand by the company, which is cause for well-founded optimism. “One of my most important tasks will be to express our thanks to our business partners for their almost unshakeable confidence in us and to seek continuation of our good relationships“, Wöhner continues.

Financial package agreed:
Financing of business operations of the Trevira Group is being provided in a first step jointly by the Bayerische Landesbank (BayernLB), the Sparkasse Augsburg and the LfA Förderbank Bayern. Later also banks from Brandenburg will be involved. The complete current financial package will be backed by a guarantee from the Free State of Bavaria. “In particular I express my thanks to everyone involved in the state government the participating banks for their support of the business model. The result is that over 1400 jobs can be preserved in the long term,” says insolvency administrator Schneider. Given the ongoing effects of the banking crisis the long term financing of the company could not be taken for granted.

Transfer of business proceeding according to plan:
Preparations for the transfer of business are proceeding as scheduled. In the new year we will be giving employees and customers further details, including on the future organisation and on collaboration with those locations that will not form part of the new company.

Trevira Group


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