Ruwel pulls through insolvency

In the wake of the financial crisis, the German PCB manufacturer went into insolvency early February this year. However, the order situation did not improve to the point as to keep the entire workforce and 180 employees were laid off. At the end of July, Bernd Zevens - the previous owner - signalled to take over the production facility in Pfullingen. BlueBay was ready (together with an Asian partner) to form the new RUWEL International GmbH. However, the Geldern facility currently only provides for 220 jobs. BlueBay placed certain conditions on the new contract - concerning foremost the prior clarification of the approximately 200 pending actions against ‘unfair dismissal’. However, the investor deemed the remaining 180 pending actions to great (end of August) and withdrew from the investment. The ceditors and court decided to start to liquidate the facility in Geldern. During a period of grace and a voluntary action by almost all remaining staff members - the majority of 'unfair dismissal' claims were dropped. Investor BlueBay sent signalled the final 'go ahead' for the new RUWEL International GmbH. The company starts with an order backlog until the of February. All the necessary contractual arrangements will now be implemented until next Friday.