Uniboard® update on Pfleiderer restructuring
LAVAL, QC, March 27, 2012 /PRNewswire/ - Earlier today Pfleiderer AG announced that the implementation of its restructuring plan had been blocked by the Higher Regional Court in Frankfurt.
The Management Board of Pfleiderer AG is now preparing to file an application for insolvency for Pfleiderer AG in order to implement its restructuring.
This application in Germany to institute insolvency proceedings would only affect Pfleiderer AG and would have no direct effect on its operating subsidiaries such as Uniboard®.
Uniboard® operates financially and organizationally independently from Pfleiderer AG which is just a holding company. We understand that there may be some uncertainty on the part of our employees, customers, suppliers, and other business partners however financing for our operating business is in place and the business is expected to continue to run as usual. In particular, our suppliers will continue to be paid promptly in accordance with the agreed upon payment terms and no job losses will result directly from the foregoing.
Uniboard® Canada Inc., a subsidiary of Pfleiderer AG, is a leading North American manufacturer of engineered wood products, with installed capacity of over 1.1 billion square feet of raw particleboard, high-density and medium-density fiberboard, of which over 50% is converted into value-added melamine and laminated flooring products. Its products are sold to retailers, distributors and finished goods manufacturers, which cater to the kitchen cabinet industry, the furniture industry, the renovation and construction industries, as well as to the floor covering industry. Uniboard® is the largest supplier of thermofused melamine panels in North America. More information at: www.uniboard.com
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