27. March 2019 | News, Views & Markets
Lindenfarb: Restructruing in self-administrationThe Lindenfarb Textilveredlung Julius Probst GmbH & Co. KG filed an application for restructuring under its own administration with the Aalen District Court on March 18, 2019 due to imminent insolvency. The objective is an internal restructuring of the textile finishing company, which generates more than 30 million sales. The self-administered restructuring procedure is a special form of insolvency proceedings in which the company remains fully capable of acting.
The Local Court of Aalen has granted the application of the automotive supplier and ordered a temporary restructuring procedure in its own administration. "Such a procedure will only be approved if the court sees sufficient chances of successful restructuring," explains Detlef Specovius, lawyer at Schultze & Braun, the managing director responsible for the restructuring.
In the case of a self-administered restructuring procedure, there is no insolvency administrator, but only an administrator who accompanies and monitors the procedure for the creditors.
Lindenfarb Textilveredlung Julius Probst GmbH & Co. KG is Europe's largest service provider in the field of textile finishing and a specialist for materials used in the automotive, aerospace, industrial, construction, medical and clothing industries. The range of services includes surface treatments such as roughening and shearing as well as dyeing, bleaching, washing, cleaning and coating textiles.