Today, the managing board of Pfleiderer Finance B.V. has filed for suspension of payments with the district court of Zwolle, Netherlands. Pfleiderer Finance B.V. is an issuer of a high-yield bond in the nominal amount of EUR 275 Mio, issued in 2007.
The filing for insolvency was necessary after the restructuring of a bond issued by the company failed following a court decision which cannot be appealed. Insolvency proceedings related to the assets of the holding company Pfleiderer AG had been commenced on April 17 and self administration ordered as requested. The decision of the Düsseldorf Court is an important milestone in the restructuring of Pfleiderer AG. The business of the operating subsidiaries is not affected by these decisions in any way, according to the company.
Pfleiderer Finance files for suspension of payments
April 20, 2012