Perlon applies for debtor-in-possession restructuring proceedings
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The Perlon Group, a specialist in paper machine clothing, has applied to the Augsburg Local Court for debtor-in-possession restructuring proceedings for seven of its German companies.
The focus of the initiated transformation is a reorganization with a focus on ensuring that each of the Group's plants operates profitably, the company explained in a statement. All existing sites are to be retained in a competitive production network.
The company cites structural changes in the European market for paper machine clothing, a traditionally important sales area for the Group, as the main reason for the difficulties.
Perlon is part of the Serafin Group, which has its roots in the Haindl family of entrepreneurs.
The group produces in Germany at three locations: Munderkingen, Bobingen and Wald-Michelbach and has plants in China, the USA, India and Poland. Business operations will continue in full. Delivery capability is ensured, according to a statement.
The management of the Perlon companies will remain in office and will be supported by the restructuring experts of the law firm SGP Schneider Geiwitz. Dr. Max Liebig from the law firm Liebig is supporting the proceedings as the court-appointed provisional administrator.
