Germany & Russia: Friedrich Weissheimer Malzfabrik announced that its 4 German plants are sold to Avangard Bank
Friedrich Weissheimer Malzfabrik announced on December 4th the creditors’ committee decision taken on December 1st , 2006, to sell the Koblenz, Gelsenkirchen, Bremen and Grossaitingen plants of the Friedrich Weissheimer Malzfabrik to the Russian Avangard Bank.
Friedrich Weissheimer Malzfabrik stated in its press release: “No decision has been made yet for the daughter companies SACHSEN MALZ, BALTIC MALT, MALTAMORE and MALTAGEN.
In April 2006, the Avangard Bank acquired from the Bankingpool the outstanding FWM loans including securities to become a co-shareholder of the FWM Company in order to secure the continuity of the Weissheimer Group within a debt to equity swap. Instead, the Avangard Bank acted as an unfriendly creditor by executing its assignment of receivables towards FWM's customers. This forced the Company into a final insolvency procedure.
Additionally, the CommerzLeasing sold the leased assets of the Grossaitingen plant at a further discount of EUR 3 million resulting in a total discount to Avangard Bank of EUR 13 million.
A small part of this amount would have taken the liquidity strain off the Company in spring 2006. The 143 year long history of the Weissheimer family Company has now come to an end. We take this opportunity to extend our gratitude to all our customers who have been loyal with the Company for many years and decades. We hope that your company will further explore the opportunity in an ever changing beer market".
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