Heubach GmbH filed an application today for the opening of regular insolvency proceedings over its assets with the competent insolvency court in Braunschweig and, at the same time, applied for the jurisdiction of the Braunschweig insolvency court as the group court for the German subgroup of the Heubach Group. The court is expected to appoint an insolvency administrator to examine the possibility of continuing business operations and possible options for restructuring and/or selling the business in due course.

With the step announced today, the Group is reacting to the threat of over-indebtedness in the context of rapidly changing financial markets of the past two years and the unsuccessful attempt of achieving a financial restructuring with all shareholders and lenders. Respective Heubach companies are working to meet their obligations to employees, customers and suppliers within given financial possibilities and legal framework.