Following several takeover bids, the insolvent film manufacturer Treofan is negotiating with a preferred bidder from the industry for a takeover in the near future. Business operations at the Neunkirchen (Saarland) site are continuing and around 500 employees have been informed of the status.
In the course of the communicated steps, the general representative Dr Anna Katharina Wilke (Flöther & Wissing) emphasised that an investor solution would probably involve cutbacks. The areas affected will be clarified in the coming weeks. The creditors' committee has decided to negotiate a contract with an interested party; names and details will remain confidential in view of the ongoing talks. The next milestone in the proceedings is the opening of insolvency proceedings; this will end the insolvency benefit period and Treofan will once again pay its own wages and salaries. The company will continue to operate while the proceedings are open.
Background and next steps
Treofan Germany GmbH & Co. KG manufactures polypropylene films for packaging and capacitors, is part of the Jindal Group and most recently generated annual sales of around 149 million euros. The company applied for debtor-in-possession proceedings on 4 September. As provisional administrator, lawyer Dr Sebastian Mohrs (Abel & Kollegen) is monitoring the proceedings in the interests of the creditors, supported by lawyer Lukas Eisenhuth.
Source: Treofan
