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Electronics Production | August 18, 2009

TrekStor petitions for the opening of insolvency proceedings

TrekStor has petitioned for the opening of insolvency proceedings with the local court in Darmstadt (Germany) on July 21, 2009. On the same day, Rechtsanwalt Dr. Jan Markus Plathner was appointed as preliminary insolvency administrator. His aim is to continue business operations and safeguard the financial assets.
TrekStor GmbH & Co. KG is an international trading manufacturer of external storage devices and consumer electronics products. The company has employees at several business locations in Germany and subsidiaries in Italy and the United Kingdom.

All parties involved have the aim to restructure the company in the course of the insolvency proceedings and lead it to a successful future. The German insolvency law allows for a variety of measures to accelerate the restructuring process

Dr. Plathner comments: "My staff and I have found a very orderly structure at TrekStor, therefore an important requirement for achieving our aim is already there". Plathner immediately contacted Dresdner Bank AG, as TrekStor's principal bank, in order to review the possibilities of financing the ongoing business. "I did not notice any reluctance on the part of the bank, which can by no means be taken for granted in the light of the filing for insolvency and the current global economic crisis. A large number of suppliers and customers have already been informed as well and have affirmed their immediate and unrestricted support."

Aim of the restructuring efforts is to safeguard employment and to continue business operations. Remarkable for a company in the consumer electronics business market is the fact that the company manufactures its products for the most part at the headquarters in Lorsch. In order to maintain the high quality of the products and to support the regional economy, the company has in the past always decided against relocating the manufacture to other countries.

The preliminary insolvency administrator is optimistic because of the state of affairs he encountered. Nonetheless, Dr. Plathner emphasized: "A sustainable concept for the reorganisation requires the support of all parties involved – in particular the customers and the suppliers".

Image Source: TrekStor

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