05.01.15
bielomatik is restructuring itself under chapter 11 protection. The county court of Esslingen agreed to the corresponding filing of the bielomatik management. The approximately 550 employees in Neuffen have already been informed during an employee meeting.
This allows bielomatik to avoid an impending insolvency and to continue being lead under the manufacturers own management team. The chapter 11 proceedings have only recently been adopted in German insolvency law. The business activities will be continued unrestricted; the company is still financially solvent.
Simultaneously, standard insolvency filings have been initiated for bielomatik jagenberg, bielomatik’s subsidiary company, twhichhat employs 23 members of staff at Neuss/Germany. An employee meeting has been held there as well.
bielomatik focuses on the profitable growth sectors plastic welding and lubrication technology. The division paper converting machines shall be now sold, acknowledging a difficult market situation.
“bielomatik is and will continue to do business with its customers and partners under the protective shield of chapter 11,” said Alexander Wassermann, chairman of management board. “We are able to fulfill all customer orders as planned. Moreover, we can and will pay our orders with suppliers.”
Within the last years bielomatik has developed the plastic welding and lubrication technology businesses. The company has positioned itself as profitable and future-oriented regarding the technology, its products and innovation projects. The business is developing in these areas very positively and further growth is expected in 2015.
“We also see a great deal of positive potential in the paper converting division that could enable synergies in another commercial context and that brings value to a potential purchaser,” said restructuring expert Arndt Geiwitz. “We will lead intensive sales negotiations.”
This allows bielomatik to avoid an impending insolvency and to continue being lead under the manufacturers own management team. The chapter 11 proceedings have only recently been adopted in German insolvency law. The business activities will be continued unrestricted; the company is still financially solvent.
Simultaneously, standard insolvency filings have been initiated for bielomatik jagenberg, bielomatik’s subsidiary company, twhichhat employs 23 members of staff at Neuss/Germany. An employee meeting has been held there as well.
bielomatik focuses on the profitable growth sectors plastic welding and lubrication technology. The division paper converting machines shall be now sold, acknowledging a difficult market situation.
“bielomatik is and will continue to do business with its customers and partners under the protective shield of chapter 11,” said Alexander Wassermann, chairman of management board. “We are able to fulfill all customer orders as planned. Moreover, we can and will pay our orders with suppliers.”
Within the last years bielomatik has developed the plastic welding and lubrication technology businesses. The company has positioned itself as profitable and future-oriented regarding the technology, its products and innovation projects. The business is developing in these areas very positively and further growth is expected in 2015.
“We also see a great deal of positive potential in the paper converting division that could enable synergies in another commercial context and that brings value to a potential purchaser,” said restructuring expert Arndt Geiwitz. “We will lead intensive sales negotiations.”