It has been known for several days that 5th Avenue Products Trading-GmbH has filed for insolvency. We most recently reported on the background to this situation in our article “Cuba’s Cigar Paradox,” among others.
Today, Monday, September 14, the company issued the following statement to the public:
“Dear Customers, Business Partners, Members of the Media, and Other Stakeholders,
We would like to inform you that 5th Avenue Products Trading-GmbH has filed for insol-vency proceeding.
This decision follows exceptional external circumstances that have significantly affec-ted the company’s ability to operate under normal business conditions. In recent mon-ths, we have taken extensive steps to address these challenges and protect the…