Trevira: Business situation good – financial closing postponed

Werner Schneider continues as insolvency administrator
At the meeting of creditors of the insolvent Trevira Group public accountant Werner Schneider was confirmed in his office as insolvency administrator. The meeting took place last Thursday and creditors of the company received a detailed report on the current position of the insolvency process. At present the total outstanding balance of receivables amounts to just 100 million euros.

At the moment the focus of the insolvency administration of Schneider, Geiwitz & Partner is on securing the continuation of business of the Trevira Group. The Neu-Ulm office continues to maintain the Bobingen enterprise with a comprehensive personnel base. Insolvency administrator Werner Schneider has just announced an early payment of claims to company pensions in the Trevira Group is to go ahead.

New record turnover achieved in October
Thanks to restructuring measures introduced by the insolvency administration the company is enjoying economic success. The current order book is very full and turnover in September at €18.8 million was the highest for any year. With over €20 million in October the enterprise is set to achieve a new record turnover for 2009. Customers and business partners are clearly looking for continuity in the fibre specialist’s operations. “From the economic standpoint the Trevira Group is at present on a very stable footing and is financing the ongoing business from income – like a totally normal company“, says Werner Schneider, accountant and insolvency administrator to the Trevira Group. This means there is a guarantee for the future that the proposed number of jobs will be maintained in the long term.

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Financial closing to be postponed
Contrary to the original plan, however, financial closing scheduled for 1st November 2009 has to be deferred until the 31st December. Lying behind this step is the necessary building of business structures for the new company. There are also the effects of the financial crisis, which have caused unexpected delays in completing the financing process. “At the moment and for the foreseeable future the restructured Trevira in the market is not only capable of survival, but of becoming very successful“, continues insolvency administrator Schneider. Postponing financial closing would not therefore affect the independent business operations of the Trevira Group.

More Information: www.trevira.de, www.schneidergeiwitz.de

Trevira GmbH, Bobingen, Germany

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