Canadian Plastics

Battenfeld provides update on insolvency proceedings

Injection molding machine manufacturer Battenfeld Kunststoffmaschinen Gesellschaft m.b.H. has announced that it has...

January 21, 2008   Canadian Plastics

Injection molding machine manufacturer Battenfeld Kunststoffmaschinen Gesellschaft m.b.H. has announced that it has bridged its “short-term liquidity squeeze,” and reached an agreement with company owner Adcuram.

The company’s outsourced service- and spare parts business will now be re-integrated into the company. Additionally, the Landes-Hypothekenbank Niederosterreich has provided an account advance of EUR 15 million to address Battenfeld’s short-term liquidity.

The company’s creditors have approved the company’s planned survival strategy, and the company said it is currently developing a reorganization plan. Battenfeld said the aim is to find a new ownership structure for a more stable future.

“My forecast for the future of the renowned company Battenfeld is definitely positive,” said managing director Georg Tinschert in a press statement. “Despite the difficult position we are currently in, we were recently able to gain two major orders from international customers.”

Battenfeld Kunststoffmaschinen Gesellschaft m.b.H. filed for insolvency earlier this month after the injection molding division was sold by Adcuram to OOD Private Equity on December 21. The deal was subsequently cancelled due to the “significant irritation that has been set off and doubts about the purchaser that has been thrown up,” according to Adcuram.


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