Creditors Approve Feldmuehle Restructuring Plan, Insolvency Proceedings to Be Canceled
Feldmuehle GmbH operates a paper mill in Uetersen, Germany, with an annual production capacity of approximately 75,000 tons of label paper and flexible packaging papers.
Dec. 17, 2019 - Creditors of Feldmuehle GmbH on December 16 unanimously approved the company's insolvency restructuring plan as part of a voting appointment at Pinneberg District Court in Germany, ensuring the continuation of papermaking operations.
The insolvency proceedings will be canceled this year, Feldmuehle said.
Located in Uetersen (near Hamburg), Germany, Feldmuehle employs about 200 people and operates a paper mill with an annual production capacity of approximately 75,000 tons of label paper and flexible packaging papers.
In a restructuring process that began in Dec. 2018, the company effectively implemented cost adjustments and was able to achieve operating profitability by the summer 2019. In addition, various investments were made to increase energy efficiency, sustainability of all operational processes and environmental balance.
Feldmuehle GmbH develops and manufactures high-quality white coated label papers and packaging papers for the German and international market. To learn more, visit: www.feldmuehle-uetersen.com.
SOURCE: Feldmuehle GmbH