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Business

Feldmuehle begins insolvency proceedings again

The german paper mill Feldmuehle filed for insolvency in January, was bought out by a holding company and has since again filed for insolvency.

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Feldmuehle’s history dates back to 1904 but it became independent again in 2015

Citing unexpected increased energy costs and procurement prices for raw materials, the company stated that despite efforts to increase profitability, the company suffered recent low revenues, and therefore it filed to begin insolvency proceedings on November 19th.

Feldmuehle Ueteresen initiated insolvency proceedings in January and was acquired five months later by Feldmeuhle GmbH.

The statement reads: “During the current year, management has implemented extensive measures to increase operating profitability. Despite these efforts, the latently rising variable costs could not be offset by implemented price increases, partly due to the company's lower-than-expected revenues in September and October 2018.

Despite these efforts, the latently rising variable costs could not be offset by implemented price increases

“Considering these circumstances, the management has decided to carry out the necessary reorganisation/restructuring of the company within the framework of insolvency proceedings under its own administration.”

Provisional administrator Dr Dietmar Penzlin of Schmidt-Jortzig Petersen Penzlin in Hamburg was appointed, but Feldmuehle’s management will continue to control the business.

Feldmuehle stated that an application had been filed to the local court that future deliveries and services ordered by the company shall be paid as mass liabilities, and that business operations will continue.

The firm produces around 250,00 tonnes of paper annually from its mill in near Hamburg and currently employs around 400 staff.

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