Business News

schlott gruppe AG applies for commencement of insolvency proceedings

Tuesday 18. January 2011 - Additional applications submitted for all domestic Group companies

Company hoping for appointment of single insolvency administrator
Customers reaffirm interest in services provided by schlott gruppe
The Management Board of schlott gruppe AG has submitted an application to the District Court of Nuremberg for the commencement of insolvency proceedings on the grounds of financial insolvency and excessive indebtedness.
Subsequently, all domestic Group companies operated by the printing service provider also submitted applications to the District Court of Nuremberg for the commencement of insolvency proceedings. These applications will now be reviewed by the District Court of Nuremberg.
“The fact that all insolvency applications were submitted to the District Court of Nuremberg underscores our commitment to restructuring our company swiftly and incisively with the help of the instruments available under the insolvency statute,” said Bernd Rose, CEO of schlott gruppe AG. Rose expressed his hope that the District Court of Nuremberg would appoint a single provisional insolvency administrator for schlott gruppe.
He also emphasized that the Management Board would offer its full support to the provisional insolvency administrator with regard to his review of the current financial situation of schlott gruppe, efforts to stabilise business operations and measures aimed at shaping the future of the company.
Over the last 24 hours Rose has been in contact with a number of customers to explain the current situation in more detail and outline the Management Board’s plans for a corporate rescue.” Our customers are aware of the problems associated with the ruinous erosion of prices within the printing sector. The majority of them also expressed their keen interest in the services provided by schlott gruppe,” said Rose.
The following entities have submitted applications for the commencement of insolvency proceedings:
Nuremberg – u.e. sebald Druck GmbH (approx. 290 employees), D.V.N Druckverarbeitung Nürnberg GmbH (approx. 190 employees), media2print GmbH (approx. 50 employees), sebaldus GmbH (approx. 25 employees), schlott gruppe AG (approx. 65 employees)
Freudenstadt – schlott gruppe AG (approx. 10 employees), schlott GmbH (approx. 280 employees)
Hamburg – schlott logistik GmbH (approx. 25 employees), broschek service GmbH (approx. 50 employees), broschek tiefdruck GmbH (approx. 160 employees)
Landau – wwk druck GmbH (approx. 135 employees), schlott Vertrieb GmbH (approx. 70 employees)
Lübeck – broschek rollenoffset GmbH (approx. 130 employees)
Initially, the aforementioned insolvency proceedings will not affect the foreign Group entities reus S.R.O. (Pilsen, Czech Republic – approx. 270 employees) and hollmann S.A. (Hambach, France – approx. 130 employees). The obligation for the commencement of insolvency proceedings for the Dutch Group entities biegelaar B.V. (approx. 190 employees) and media2print B.V. is currently under examination.