News
UNIBOARDTM UPDATE ON PFLEIDERER RESTRUCTURING
Laval, QC – March 27, 2012 – Earlier today Pfleiderer AG announced that the implementation of its restructuring plan had been blocked by the Higher Regional Court in Frankfurt.
The Management Board of Pfleiderer AG is now preparing to file an application for insolvency for Pfleiderer AG in order to implement its restructuring.
This application in Germany to institute insolvency proceedings would only affect Pfleiderer AG and would have no direct effect on its operating subsidiaries such as Uniboard®.
Uniboard® operates financially and organizationally independently from Pfleiderer AG which is just a holding company. We understand that there may be some uncertainty on the part of our employees, customers, suppliers, and other business partners however financing for our operating business is in place and the business is expected to continue to run as usual. In particular, our suppliers will continue to be paid promptly in accordance with the agreed upon payment terms and no job losses will result directly from the foregoing.
The Management Board of Pfleiderer AG is now preparing to file an application for insolvency for Pfleiderer AG in order to implement its restructuring.
This application in Germany to institute insolvency proceedings would only affect Pfleiderer AG and would have no direct effect on its operating subsidiaries such as Uniboard®.
Uniboard® operates financially and organizationally independently from Pfleiderer AG which is just a holding company. We understand that there may be some uncertainty on the part of our employees, customers, suppliers, and other business partners however financing for our operating business is in place and the business is expected to continue to run as usual. In particular, our suppliers will continue to be paid promptly in accordance with the agreed upon payment terms and no job losses will result directly from the foregoing.
