ADVANSA announces financial restructuring measures
ADVANSA has announced plans to restructure one of the companies in the ADVANSA group (ADVANSA GmbH) via a self-managed administration procedure which became necessary due to an extreme burden of the pension system from previous years. The company is confident to complete this process within the coming months, meanwhile production and supply will continue as normal without interruption. This procedure has no influence on normal business operations of other companies in the group including ADVANSA Marketing GmbH (supplier to all customers) and ADVANSA BV (IP and trademark licensing). "We continue our daily work and will fulfil all current and future orders as usual", emphasizes the General Manager, Dr. Heinz Meierkord.
Hamm, 6th February 2019
A reliable basis for a sustainable solution
ADVANSA GmbH is heading towards calm waters
The company ADVANSA GmbH, located in Hamm, intends to restructure itself in a self-administration procedure. The company submitted an application for the opening of insolvency proceedings in self-administration to the local court of Dortmund. The local court approved the application and appointed attorney Achim Thomas Thiele from the law firm Husemann Eickhoff, Salmen und Partner GbR, Dortmund, as provisional administrator. As part of the self-administration, the management of ADVANSA GmbH remains in power and will run the daily business without restrictions.
This self-managed restructuring applies exclusively to the ADVANSA GmbH. Other companies of the ADVANSA Group based in Hamm are not involved in the self-administration procedureneither the ADVANSA Marketing GmbH, which is the supplier for worldwide customers, nor the ADVANSA BV in the Netherlands, which owns the relevant IP and trademark rights.
The self-administration procedure at ADVANSA GmbH has no influence on normal business operations of either these or other companies of the ADVANSA Group. "We continue our daily work and will fulfil all orders as agreed", emphasizes the General Manager, Dr. Heinz Meierkord.
The reorganization procedure became necessary due to an extreme burden of the pension system in combination with the 0-interest-rate-policy of the European Central Bank. This situation was also reinforced due to significantly higher raw material prices.
The restructuring in self-administration complements different measures that were already implemented or initiated by ADVANSA GmbH in the past few months. "The restructuring process should enable to consistently implement necessary restructuring measures in the interest of all parties involved and thus secure permanently the future of the company", said Dr. Meierkord. The goal is to position ADVANSA GmbH the best possible for the future so that the company remains a strong and trustworthy partner for all its customers.
As part of the ADVANSA Group, ADVANSA GmbH is a mid-sized company of the chemical industry and a leading German fibre manufacturer.
The ADVANSA GmbH has 110 employees and generates an annual turnover of about 45 million Euros.