Germany: The world's sixth largest maltster, Friedrich Weissheimer Malzfabrik KG, bankrupts
Friedrich Weissheimer Malzfabrik KG declared on March 16 about its bankrupcy. According to market analysts this fact confirms that the actual malt prices level will bring most of the maltsters into bankruptcy if no substantial prices improvement happens soon.
The Managing Partners of the Friedrich Weissheimer Malzfabrik KG announced on Thursday, March 16, the insolvency procedure for the company to the local court.
H.-G. Sarx and H. Weissheimer said: “The investment activities into new malting companies in Eastern Europe in the 90th on one hand and the low margin in the malt business during the past years on the other hand reduced the equity of the company below the necessary level.
Therefore, in co-ordination with our supervisory board and the banks, the company negotiated the increase of equity with 3rdpartners. A few days ago, the binding offer of a financial investor was accepted by the company and the banks, but was blocked by one single regional bank.
As a consequence, the other banking partners withdrew their support to the company. View the value of the malting plants, the financial assets of the company and the good will which European and international clients extended to the company, we assume that the insolvency administrator will try to maintain the going concern of the operation. The insolvency administrator will inform about his future decisions in due course. The affiliate companies, SACHSEN MALZ and BALTIC MALT, have a sound financial structure and its own finance partners. Both companies will continue their operation without any restriction.”
“We would like to thank our business partners and our employees for the loyalty which they extended to us over many decades and in particular during the past months. The Managing Partners will support the insolvency administrator in order to secure that the obligations of the company will be honoured in relation to customers, employees and suppliers,” H.-G. Sarx and H. Weissheimer concluded.
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