Business News

schlott gruppe: commencement of insolvency proceedings

Monday 04. April 2011 - Operations continue at all entities

Insolvency proceedings today commenced in respect of the insolvent stock corporation schlott gruppe AG and all its German subsidiaries. As confirmed by insolvency administrator Siegfried Beck, business operations will continue at all entities. All customer purchase orders will be fulfilled as planned.
The preliminary insolvency proceedings, which had been initiated on 18 January 2011 when the company filed for insolvency, have thus ended. Upon official commencement of proceedings, administrative control and the power of disposition are transferred to the insolvency administrator with regard to all entities involved.
Beck expects to receive binding offers from interested parties by mid-April 2011. Indicative offers have already been submitted in respect of the entire group as well as with regard to individual solutions. The decision as to which offer shall be accepted rests with the creditors.
The extent to which redundancies will have to be made following commencement of insolvency proceedings is to be decided in the latter part of April, as soon as binding offers have been put forward by the bidders.
“The focus is on safeguarding as many companies and jobs as possible,” said insolvency administrator Siegfried Beck when interviewed today in Nuremberg. “We will welcome any investor who puts forward an appropriate offer and a viable concept for the future.”