DGAP-News: Gerry Weber International AG: Insolvency plan for GERRY WEBER International AG is legally valid and can now be implemented
DGAP-News: Gerry Weber International AG
/ Key word(s): Insolvency
CORPORATE NEWS Insolvency plan for GERRY WEBER International AG is legally valid and can now be implemented - Local court Bielefeld applies approval procedure - Revocation of insolvency proceedings under self-administration still expected to take place beginning of 2020 at latest Bielefeld, 25 October 2019 - The insolvency plan of GERRY WEBER International AG, which was approved by the creditors on 18 September 2019, has become legally valid and can now be implemented. With its decision on 25 October 2019 in accordance with § 253 Abs. 4 German insolvency Act (InsO), the district court Bielefeld dismissed four complaints by parties to the proceedings against the approval of the plan by the local court, which took place on 2 October 2019. The provisions of InsO provide, that complaints may be dismissed, if disadvantages of obstructing the plan outweigh potential disadvantages for the complainants. Further, a timely confirmation of the insolvency plan of the wholly owned subsidiary GERRY WEBER Retail GmbH & Co. KG (GWR) is expected. The unchanged goal remains the revocation of both insolvency proceedings under self-administration at beginning of 2020 at latest, to allow the finalization of the financial repositioning of GERRY WEBER Group. Trustee Stefan Meyer of PLUTA Rechtsanwalts GmbH: "The insolvency plan becoming legally valid has paved the way for a new start of GERRY WEBER. These insolvency proceedings are a prime example for how an intelligent application of insolvency law can reach a quick and sustainable restructuring with best possible satisfaction of creditor claims." Johannes Ehling, Spokesman of the Managing Board of GWI AG: "These are great news for our company and its employees, customers and business partners. Already in a few weeks, GERRY WEBER can return to a normal mode of operation, financially restructured and with a clear concept for the future."
Contact GERRY WEBER: Frank Elsner
25.10.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Gerry Weber International AG |
Neulehenstraße 8 | |
33790 Halle/Westfalen | |
Germany | |
Phone: | +49 (0)5201 185-0 |
Fax: | +49 (0)5201 5857 |
E-mail: | [email protected] |
Internet: | www.gerryweber-ag.de |
ISIN: | DE0003304101 |
WKN: | 330410 |
Listed: | Regulated Market in Dusseldorf, Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; SIX, Vienna Stock Exchange |
EQS News ID: | 897581 |
End of News | DGAP News Service |
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897581 25.10.2019