Because the demand and prices were in a descent, there were also overcapacity on the market, the packaging tires of Teufelberger were in financial imbalance in Wels. Almost four months after the renovation process was opened, the plan was presented to the creditors accepted.
“I didn’t make it easy for myself,” said Florian Teufelberg at the end of January, when it was clear that Teufelberger GmbH and therefore the packaging tires division would be a renovation case. On January 30, the cable manufacturer then submitted the bankruptcy application for the company, in which everything revolves around so-called Strapping solutions.
Almost four months later, the company’s renovation plan was coordinated on Thursday afternoon. After the offer had improved and the creditors now turned 30 percent, there was a “yes”. The amount of the recognized debts amounted to 14.1 million euros.
Lower costs, more productivity
A package of measures has been compiled in recent months, which is associated with savings and at the same time strengthens competitiveness. Increased groups of group are used, the organization is reorganized in its structure. Moreover, screws were also rotated to increase productivity.
“With the measures we have created an important basis to stabilize our company sustainably. Now it is crucial to continue to work consistently to increase our efficiency, structural development and the intended use of growth potential,” said Florian Teufelberger.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
