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Holzverpackung Hüfingen files for insolvency proceedings

02.02.2018 − 

The initiation of insolvency proceedings under self-administration were filed for Holzverpackung Hüfingen before Villingen-Schwenningen district court on 17 January. According to information from the company, the court approved the application and ordered provisional self-administration. The court appointed Dr Dietmar Haffa of Schultze & Braun as provisional administrator. Holzverpackung Hüfingen is being assisted by the lawyer firm Pluta with Steffen Beck at the helm. Jochen Glück of Pluta is chief restructuring officer (CRO).

The company’s business continues as before. The reason the administrator gives for the application is a cashflow squeeze, without elaborating on the causes. Roughly 71 employees in Hüfingen are affected by the application, along with another 20 at the facilities in Landau and Bremen. The employees’ salaries are assured by insolvency benefits for three months. The subsidiaries in Poland and Spain, Industrial Packaging Solutions Dobiegniew and Fürstenberg IPS respectively, are not affected by the insolvency proceedings.

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