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Heye-Glas: update on insolvency proceedings

German glass machinery maker Heye-Glas issued a press release giving an update on its insolvency proceedings. The insolvency administrator Stephan Holtershinken is confident that the company will succ..

German glass machinery maker Heye-Glas issued a press release giving an update on its insolvency proceedings. The insolvency administrator Stephan Holtershinken is confident that the company will successfully overcome the difficult phase of the preliminary insolvency proceedings and will emerge stronger from this situation. According to Mr. Holtershinken, Heye-Glas is neither heavily in debt nor insolvent. Heye-Glas wants to emphasise that the aim of the preliminary insolvency proceedings – unlike the bankruptcy proceedings which were valid in Germany until 1999 – is not the break-up of a company but its restructuring. Sales this month in the container glass business are on track which is a visible sign of the high degree of support the company receives from its customers. The customers expect the present problems to be solved and the company to emerge as a stronger entity.

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