By Cirium2021-01-14T14:01:00+00:00
German seat manufacturer Zim Flugsitz has emerged from legal insolvency proceedings after a restructuring plan was unanimously approved by creditors in December.
The Marktdorf-based company had filed for debtor-in-possession proceedings in July 2020 following a sharp sales decline amid the pandemic.
Source: Zim Flugsitz
Insolvency proceedings were terminated by a district court in Konstanz on 7 January, says ZIm, noting that it is now free of restrictions imposed by insolvency law.
In December, Zim managing director Heiko Fricke said the exit from insolvency would be “an important step” because it would “allow us to once again participate in tenders on an equal footing with other players in this market”.