Pfleiderer’s future almost secure after latest restructuring talks

Leading wood-based panel producer Pfleiderer AG has announced a final agreement with its creditors which will see its debt reduced by more than €700m.

“This is a good day for Pfleiderer,” said the company’s executive board chairman Hans Overdeik following agreement of the final details of Pfleiderer’s restructuring.

The agreement includes creditors waiving debts, interest and fees totalling €380m, as well as the provision of €100m in a secured loan.

Shareholders will be asked to vote to approve the agreement in July.

“We will make all efforts in the coming weeks and months to obtain that approval, because there is no alternative to this rescue concept for Pfleiderer with its workforce of more than 5,000 people,” said Hans-Joachim Ziems, Pfleiderer’s exuective board member for restructuring.