Battenfeld takes an important first step in the insolvency proceedings

Battenfeld Kunststoffmaschinen Gesellschaft m.b.H. (BKU, www.battenfeld-imt.com), with the support of the state of Lower Austria, has been able to bridge its short-term liquidity squeeze. For the time being, this has ensured the survival of the leading manufacturer of plastic injection moulding machines and automation cells. With owner Adcuram (www.adcuram.de) an agreement regarding re-integration of the outsourced service- and spare parts business was achieved.

A significant breakthrough was achieved after intensive negotiations between the Battenfeld management, the liquidator and the state of Lower Austria: to bridge the liquidity squeeze, the Landes-Hypothekenbank Niederösterreich has provided a current account advance of EUR 15 million.

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The state of Lower Austria, with governor Dr. Erwin Pröll, will decide that the state will be liable for the jointly negotiated financing program.

On 11 January 2008 the liquidator, Dr. Michael Lentsch, presented the survival strategy to the board of creditors and the bankruptcy court, and this was approved by the creditors.

Parallel to negotiations with several potential industrial investors, the realisation of a reorganisation plan is in progress. The aim is to find a new ownership structure that will provide a stable, future-oriented basis in the coming weeks.

“My forecast for the future of the renowned company Battenfeld is definitely positive. Despite the difficult position we are currently in, we were recently able to gain two major orders from international customers. This shows our customers backing Battenfeld with trust and loyalty all the way. Therefore we are very grateful. Naturally we will honour all orders that are in process in accordance with the agreements. Battenfeld is available as a comprehensive and responsible partner as usual,“ stated Georg Tinschert, Managing Director of Battenfeld since 1 December 2007.

The liquidator, Dr. Michael Lentsch, is also cautiously optimistic in his assessment of Battenfeld’s future: “The support of the banks, owner Adcuram and the creditors’ approval of the survival strategy means that an important first step has already been successfully taken.”

Photo: Battenfeld’s Headquarters, Kottingbrunn, Austria

Battenfeld Kunststoffmaschinen Ges.m.b.H., Kottingbrunn, Austria

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