Neue Alno has now officially confirmed that it filed for preliminary insolvency in self-administration on July 5 and that business operations, production and deliveries are continuing unrestricted.
The German kitchen manufacturer has said it wants to use this as an opportunity to reposition itself in the market and is looking to come out of the proceedings stronger. Business operations, production and delivery to customers will still continue.
Managing directors Jochen Braun and Michael Spadinger and the management team will be acting in the insolvency process and will play a key role in the financial restructuring.
The brand has been owned by European investment firm RiverRock since 2017 after Alno AG fell into administration earlier that year. It has been looking for investors for more than three months after Neue Alno reported a strong 2020.
In an official statement, the Neue Alno management said: “We will tackle the challenges of the near future together with our employees, customers and partners. The aim is to get out of the proceedings and continue the ongoing investor process.”
With retail customers across the UK, the company, which employs around 230 people at its plant in Pfullendorf, has assured its partners and employees of security moving forward. Wages and salaries for the employees for June to August 2021 are secured by pre-financing for insolvency payments.
Also in the official report, Neue Alno said: “The aim of the procedure is to manoeuvre the company through the corona crisis with the support of employees, customers and suppliers and to continue the investor process that has already been initiated.”
The paperwork was filed on July 5, 2021 in the district court of Hechingen, which granted the management’s requests and ordered preliminary insolvency proceedings in self-administration over the assets of Neue Alno GmbH and BBT Bodenseeteile GmbH.