Neumarkt – SDAX-listed Pfleiderer AG is receiving support from its lending banks with its restructuring process. As a first step, the company has signed a standstill agreement with its banks in this context, which is valid until March 31, 2011. All lending banks have agreed to this standstill. As part of this standstill the banks have agreed to the suspension of the contractual amortization until March 31, 2011. Furthermore, they have also agreed not to exercise any right to terminate their credit lines due within this time period. Until March, Pfleiderer will develop an overall concept to allow it to undertake the required restructuring work and to have funds available to make investments in key growth markets.
“The standstill agreement is a vote of confidence by the banks in our restructuring process, and all the more so since their approval was unanimous,” stated Hans Overdiek, Chairman of the Executive Board of Pfleiderer AG. “
Pfleiderer has had to cope with a decline in revenue due to the worldwide financial crisis and is suffering from excess capacity in its core business in Western Europe and North America. The restructuring plan will include an overall concept for the further development of the company’s business including a reorganization of its financing.
SDAX-listed Pfleiderer AG (ISIN DE 0006764749) is one of the world’s leading producers of engineered wood. The company employs approximately 5,600 people and operates 22 sites in North America, Western and Eastern Europe producing engineered wood, surface finished products and laminate flooring. Pfleiderer is a preferred partner of the furniture industry, specialist and home improvement stores, and interior design suppliers. In fiscal year 2009, the Group generated consolidated revenues of approximately €1.4 billion and EBITDA after restructuring costs of approximately €100 million.
SOURCE: Pfleiderer AG
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