Heubach GmbH required to files for insolvency

Heubach GmbH today submitted an application to the competent insolvency court in Braunschweig to initiate regular insolvency proceedings over its assets and at the same time applied for the insolvency court in Braunschweig to serve as the jurisdictional body of the group court of Heubach's German subsidiaries. The court is expected to appoint an insolvency administrator to review the possibility of continuing business operations and possible options to restructure and/or sell the business in due course.

With the move announced today, the Group is responding to the threat of over-indebtedness in the context of rapid changes in financial markets over the past two years, as well as failed attempts to achieve a financial restructuring with all shareholders and lenders. Each Heubach company is striving to fulfill its obligations to its employees, customers and suppliers within the given financial possibilities and legal framework.