BÖWE SYSTEC: business stabilised, process of finding an investor continues
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* Werner Schneider appointed preliminary insolvency administrator
* Goal: to reach an agreement with potential investors as soon as possible
* Pushing ahead with US financing talks with CEO Oliver Bialowons
Augsburg, 8 June 2010 - Just over two weeks after filing for insolvency, the
operational business of the Augsburg company BÖWE SYSTEC has been stabilised.
"All customer orders are being processed, production is continuing, deliveries
of replacement parts are assured," said the preliminary insolvency administrator
Werner Schneider, who was appointed in this role by the Local Court of Augsburg
on 21 May 2010. Schneider is a partner of the Neu-Ulm auditing and law firm
Schneider Geiwitz & Partner, which has made a name for itself through a series
of prominent insolvency cases including the construction firm Walter Bau.
Werner Schneider assumed all management responsibilities at the mailroom systems
manufacturer on the day of his appointment. He has analysed the company's
business operations and last week he and CEO Oliver Bialowons paid a visit to
the particularly important US business. "Operations are continuing uninterrupted
in the US as well. We are close to completing a follow-up financing agreement
for the US business," said CEO Bialowons, who will assist Schneider in the
restructuring of the company.
The top priority now is to continue the process of finding an investor, says
Schneider. BÖWE SYSTEC conducted talks with potential investors for around half
a year with the goal of procuring fresh capital for the company so that it can
continue with the restructuring process which was started in early 2009. These
talks have now been reopened and should be completed as soon as possible, says
Schneider.
In accordance with the strong preliminary insolvency administration which has
been ordered, the duties of the CFO will be transferred to the insolvency
administrator. Mr. Klaus Wendlandt will therefore cease his function
immediately. Insolvency administrator Schneider confirmed the Management Board
roles of Oliver Bialowons and CTO Heiner Kudrus.
BÖWE SYSTEC is the European market leader in mailroom systems and generates over
60% of its turnover in the USA. Whilst the public company affected by the
insolvency employs around 600 people, the group has around 3,600 employees
worldwide. In 2009 it generated group turnover of EUR 367.1m, which was 13.5%
down on the previous year as a result of the recession. Although BÖWE SYSTEC,
which is under new management, began implementing a massive restructuring
programme at the start of 2009, the company had to file for insolvency in
mid-May as it lacked a stable financing concept.
Contact:
CNC
Roland Klein / Karline Nitsch
Roland.Klein(at)cnc-communications.com
Karline.Nitsch(at)cnc-communications.com
Mobile: + 44 777 6162997 or + 49 172 8319192
[HUG#1422353]
--- End of Message ---
BÖWE SYSTEC AG
Investor Relations
Werner-von-Siemens-Str. 1 Augsburg null
WKN: 523970;ISIN: DE0005239701;
Listed: Regulierter Markt in Frankfurter Wertpapierbörse;
PM Böwe Systec AG: http://hugin.info/130395/R/1422353/371467.pdf
Unternehmensinformation / Kurzprofil:
Datum: 08.06.2010 - 12:38 Uhr
Sprache: Deutsch
News-ID 22103
Anzahl Zeichen: 0
contact information:
Town:
Augsburg
Kategorie:
Business News
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