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.
