The German network specialist Devolo, best known for powerline internet via the socket and ran into financial problems six months ago, has completed the renovation. The medium-sized company from Aachen reported Monday that the procedure for the protective shield had ended.
Devolo – krone.at reported – was in economic difficulties in February and had to file a protective shield lawsuit. A bankruptcy trustee has been appointed to assist the company with the restructuring and the preparation of an insolvency plan. The process is now complete: The business owner’s family will take over the company shares with their own companies on November 1, 2022.
On Monday, trustee Rüdiger Weiß said: “devolo AG is emerging from the reorganization process as a fundamentally restructured company.” Devolo is once again in a “very good” position. This is thanks to the employees and management, Weiß says in a Devolo broadcast. The competent court has already agreed to terminate the protection shield proceedings.
CEO outlines future growth plans
Devolo boss Heiko Harbers is now optimistic about the future: “The clear message is: Devolo is on track! With our investment, Devolo has excellent strategic prospects – both nationally and internationally. Our growth plans require investments in products, technology and brand in the coming years With the solution now found, liquidity is assured and Devolo can work with full concentration on the new growth objectives.”
The reasons for the economic difficulties Devolo found themselves in February, according to the company, were the consequences of the corona pandemic and various lockdowns. As fiscal year 2020 came to a close, lockdowns and project failures at grid operators hurt the business in the following year. At the same time, you were on very high stocks, which led to the liquidity bottleneck.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
