Overview

• The Hamburg district court opened preliminary insolvency proceedings on July 2 and appointed Sven-Holger Undritz as provisional insolvency administrator
• Undritz arranged advance funding to cover June payroll, protecting wages for about 250 German staff and 800 employees worldwide
• Daily operations at the company’s German sites in Hamburg, Uetersen and Schenefeld continue without interruption
• International subsidiaries in Europe, North America, Asia and Brazil are unaffected by the German insolvency process
• A sanctioned restructuring plan calls for targeted investor and M&A talks as the first step toward securing the company’s future viability