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Honsel files for insolvency

Meschede, 25 October 2010 - Honsel AG has applied to the District Court in Arnsberg for insolvency proceedings to be initiated. At all Honsel locations, everything possible is being done to ensure that deliveries to customers continue.

Despite intensive negotiations over the past weeks and months on a further, lasting restructuring concept for the company, the parties involved were unable to reach an agreement. Urgently needed financial resources which the company would have received in the course of such a restructuring process are therefore not available.

„We are convinced that the restructuring of the company can succeed through the insolvency process. Insolvency law allows us to adjust cost structures in order to reshape the company's future under completely new conditions," said Stefan Eck, spokesman for the Board of Directors of Honsel AG. Considering its culture of innovation and strong market position, Honsel still has good prospects for a successful future."

The court has appointed the well-known restructuring expert attorney Dr. Frank Kebekus as provisional insolvency administrator.

Despite undergoing a comprehensive operative and financial restructuring during last year’s financial crisis, the company was unable to adapt quickly enough to the recovery seen in the automotive sector. The quantitative and qualitative problems associated with the ramp-ups of new production lines and existing projects were not least due to a lack of capital expenditure. Matters were complicated further as the range of products moved towards less profitable products.

There will shortly be an employee meeting at the Meschede plant to inform the employees about the current state of affairs. Further meetings will take place in Nürnberg, Soest and Nuttlar over the next few days.

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