The application to open insolvency proceedings is expected to be filed in the next few days, as the company announced. The Management Board’s decision was taken ‘due to Manz AG’s inability to pay and its over-indebtedness under insolvency law’.
The decision by Manz AG’s lenders “not to provide any further funding” is cited as the reason for the insolvency. However, it would only have been a matter of time before insolvency occurred. “Independently of this, Manz AG is also over-indebted under insolvency law,” the press release states.
In recent weeks, the Managing Board is said to have held “intensive discussions with a number of lenders and investors regarding new equity and debt capital.” “Discussions with one of…
