Feldmuehle GmbH filed for an application with the competent local court in Pinneberg to open insolvency proceedings under its own administration pursuant to Sections 270, 270 a para. 1 InsO (German Insolvency Act). Following the management’s application, the Pinneberg local court ordered the provisional self administration on the same day (71 IN 238/18).
The restructuring of the company in the context of self-administration provides for all necessary measures to improve the profitability and thus sustainable competitiveness of the company.
The focus is the concentration on the product sector specialty papers, i.e. wet- and alkali-resistant label papers as well as flexible packaging papers. The production of graphic papers is discontinued. In this connection, the paper machine 2 is shut down. The new business model requires staffing, i.e. the workforce is reduced to around 180 employees. The employees leaving the company are offered to switch to a transfer company in order to further qualify for the job market.
