Hope beckons for Pfleiderer
20 September 2012A more positive future beckons for troubled panel products giant Pfleiderer after creditors and shareholders overwhelmingly voted in favour of the company’s insolvency plan.
The successful vote is likely to lead to big changes for the company including a new owner – Luxembourg-based investment company Atlantik SA, cancellation of its debts, the sale of non-core parts of the business and a plan to delist from the stock exchange.
Court approval is still needed to conclude proceedings, expected during the next few weeks. A Pfleiderer AG statement said 99.46% of creditors approved the insolvency plan, while shareholders were 99.19% in favour.
Shareholders and subordinated creditors will not receive any compensation. The current owners will no longer hold a stake in the company.
Meanwhile, Pfleiderer’s Canadian subsidiary has agreed to sell Uniboard Canada to a subsidiary of Kaycan Ltd. Uniboard Canada produces chipboard, MDF and laminate flooring.
The sale is expected to be completed during the third quarter.
