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PCB | August 21, 2009

RUWEL Geldern: Only 9% accept severance package

A solution for Ruwel's Geldern facility is in reach, but still seems to be in danger of failing. Earlier this week, the financial investor BlueBay has notarially signed a declaration of intent to purchase the facility with insolvency administrator Horst Piepenburg.
BlueBay also comes with an Asian co-investor and pre-conditions made by the investor: for a purchase price and a fixed severance budget the company would be free of all liabilities and obligations.

What seems to be a way out of bankruptcy is now to fail. "All 220 employees that are currently working in Geldern has been issued now working contracts. All other employees were offered a severance package that even exceeds that of the negotiated social plan", explains administrator Horst Piepenburg in a statement to evertiq.

"We had asked for the offer to be signed and accepted by the end of this week, but so far the return has been alarmingly low", the administrator states. Should the sale fail, all remaining employees will lose their jobs and no severance payments could be made. Ruwels own funds would not be sufficient.

"I've done all I can to get the best out for everyone. If this agreement is now failing, we will not be able to save Geldern. That would be absolutely tragic, especially when a solution is so close at hand", the Horst Piepenburg explains further in the statement to evertiq.

"I can offer a fixed severance package to all laid off personnel, but I cannot bring back their jobs. That is irrefutable. I always stand by my word and I will not be made untrustworthy", the insolvency administrator explains his actions. The next few days will decide the fate of Ruwel Geldern.

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