Global
Other: Manroland files for its insolvency protection
Manroland has today filed for insolvency protection with the German district court in Augsburg after negotiations with a potential investor "failed on the home stretch".
In a statement issued, the German printing press manufacturer confirmed that it had been forced to initiate insolvency proceedings following a "dramatic downturn in incoming orders" since mid-July.
The company has filed a request for self-administration in order to finalise its on-going restructuring efforts as a "debtor in possession", while court-appointed lawyer Dr Frank Kebekus will act as general representative for the restructuring.
In its statement, Manroland said that it would aim to rescue key units within the framework of its ongoing restructuring efforts, which have seen it cut staffing from 8,656 in March 2009 to 6,500 at present. Additional cuts were already due to take staffing to 6,000 by the end of 2012.
The company said: "The initiated insolvency procedure affords the opportunity to step up the restructuring process and guide the company through this difficult phase."
Manroland posted an operating loss of €25m for the six months to 30 June 2011, down from a €46m loss in the first half of 2010.
