Pfleiderer AG yesterday announced that the Higher Regional Court, Frankfurt, rendered a decision in the release relative to the company’s proposed financial restructuring plan. As a result, the original plan is now blocked and the Pfleiderer AG Board will file an application of insolvency, which should make it possible for the restructuring to proceed.
This application for insolvency will affect only Pfleiderer AG as the holding company of the Pfleiderer Group. All of Pfleiderer’s subsidiaries – including Pergo North America (Pergo LLC) – are financially and organizationally independent and will continue normal operations, according to the company.
In addition, the proposed sale of Pergo North America is unaffected. Pfleiderer has received a high level of interest in the purchase of Pergo due to the strength of the brand, its innovative product portfolio and exclusive manufacturing technologies, the company noted.
“Pergo North America continues to successfully operate independently and is delivering positive financial results,” said a Pergo spokesperson. “This legal decision and resulting application for insolvency will in no way impact our strong relationships with customers and consumers or our long-standing position as an industry leader.”
Pfleiderer AG to file for insolvency
March 28, 2012