The creditors of Tadano Demag GmbH and Tadano Faun GmbH approved the reorganization plans for both companies at a discussion and voting meeting held in Zweibrücken on February 18.
The creditors meeting unanimously approved the restructuring plan for Tadano Faun, while Tadano Demag’s plan gained 99% approval.
The Zweibrücken local court opened protective shield proceedings for Tadano Demag and Tadano Faun at the beginning of January 2021 after the corresponding legal petition was filed and the plans were formally reviewed.
“With the creditor’s meeting’s approval, management will now systematically continue with the company’s reorganization and the corresponding operational restructuring measures, some of which have already been initiated,” said Tadano.
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By Alex Dahm18 February 2021 The new 80 tonne capacity Demag AC 80-4 fits between existing models in both the Demag and Tadano ranges of all terrain cranes
Creditors have approved the reorganisation plans for Tadano Demag GmbH and Tadano Faun GmbH which are under protective shield proceedings in Germany.
At times of economic downturn, companies often have to make big and hard decisions to maintain profitability or for their sustainability.
On October 8, Tadano announced the start of a strategic restructuring program for its two German subsidiaries, Tadano Demag GmbH and Tadano Faun GmbH. The two subsidiaries filed for Protective Shield Proceedings pursuant to §270b of the German Insolvency Directive. Tadano said the two companies were confronted with shrinking markets and that Covid-19 has enhanced the economic challenges. It believes that the restructuring will have a positive impact on the company’s ability to serve its clients and will help it reach its goals. In this issue, Jens Ennen, CEO of Tadano Demag GmbH and Tadano Faun GmbH, talks about the restructuring process.
Amtsgericht Zweibrücken eröffnet Insolvenzverfahren in Eigenregie über Tadano Demag saarbruecker-zeitung.de - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from saarbruecker-zeitung.de Daily Mail and Mail on Sunday newspapers.