The announcement is in: "the world's oldest manufacturer of cutting machines" perfecta Schneidemaschinenwerk, has obtained a court order to open insolvency proceedings under self-administration.
This formula, specific to German law, enables the management to remain in control while being supervised by an administrator. This arrangement applies only to Perfecta Schneidemaschinenwerk, a Baumann Group plant in Bautzen, Germany, specialized in integrated cutting machines and lines for commercial printing, packaging and labels.
"The aim is to continue exploring an investment solution during the self-administration process and to strategically develop our business model in this context." says Christian Baumann, Managing Director of the company founded in 1896 and employing 86 people.
Dirk Eichelbaum, a restructuring expert supporting Perfecta Schneidemaschinenwerk, explains in a press release: "Finding a successor among the shareholders took longer than expected. As a result, the strategic realignment and associated investment solution could not be finalized."
"The project situation is favorable and the prospects for maintaining our position as technology leader in terms of profitability are excellent." management adds. "This restructuring builds on the strength of the company's current situation and the measures already implemented, providing an ideal starting point for a successful transition." a view supported by Rüdiger Bauch of Schultze & Braun, the provisional administrator.
In the meantime, Perfecta Schneidemaschinenwerk continues to manufacture and service its customers in over 70 countries.
