Zanders GmbH continues restructuring process within German chapter11 rules

As a valued customer we wanted to let you know that Zanders GmbH has filed for the opening of ‘debtor in possession’ proceedings in the local court in Cologne on the 22 June 2018.

This is a restructuring process to secure the continued operation of Zanders. It has become necessary primarily because of high pension fund payments, which continuously weigh on our operations, and a drastic increase in raw material and energy costs in the last few months, together with difficult conditions and overcapacity in our industry.

By engaging in this process we can accomplish a successful restructuring that will see Zanders GmbH back in a strong, competitive trading position. In the past three years we have made many operational improvements which have delivered annual sales growth of 12%. Under the supervision of the court we believe we can build on this growth, increase our efficiency and create a solid base to continue to deliver to our customers.

We would like to assure you that production of our products and deliveries are continuing as normal during this process. Orders will continue to be produced and shipped by us and we do not anticipate any interruption to the supply chain. We are continuing to accept and confirm new orders and our sales team will be contacting you in the next few days to answer any questions you may have.

Going forward, as part of the ‘debtor in possession’ proceedings, Christian Köhler-Ma and Dr. Gordon Geiser of the law firm GT Restructuring have been appointed to manage the process and Igor Ferlan has been appointed director from the shareholder’s side.

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