German meats supplier Allgäu Fresh Foods seeks insolvency protection

German meats supplier Allgäu Fresh Foods (AAF) has filed for insolvency extortion proceedings amid “increasing” outgo pressures.

In a connection announcing the move, the institution said it submitted the exertion to the competent territory tribunal successful Kempten connected 22 April.

The Feneberg Group subsidiary said outgo and terms pressures person been “increasing simultaneously” successful this concern conception for galore years.

“To guarantee continued occurrence successful the future, the institution indispensable instrumentality extended restructuring. This includes, among different things, reducing the company's fiscal burdens done insolvency extortion proceedings successful bid to summation the indispensable state to signifier a unafraid future,” it added.

The filing initiates a protective shield procedure, a peculiar proviso nether German insolvency instrumentality introduced successful 2012, allowing the institution to make an autarkic restructuring program wrong 3 months.

The meats supplier volition stay nether tribunal oversight and the guidance of a provisional head during this period.

Leibold Consulting restructuring squad managing manager Stephan Leibold said: “This measurement offers america the accidental to support our concern activities and restructure ourselves.

“We judge successful our existing concern exemplary of quality, organic, and regionality and volition henceforth integrate it into the existing marketplace situation successful a sustainable mode and run safely there,” helium said, adding the protective shield process provides assurance successful realigning the company’s direction.

Attorney Jochen Sedlitz, a spouse astatine instrumentality steadfast Grub Brugger, said: “Initial measures person already been successfully implemented, and salaries and jobs are secured done the insolvency compensation from the Federal Employment Agency and the protective shield.

“Business volition proceed arsenic usual, and customers volition beryllium supplied arsenic usual.”

Allgäu Fresh Foods was formed done the merger of Hans Dietz butchery successful Schopfloch, the Reiter butchery successful Augsburg, Bühler, and the Feneberg butchery successful Kempten.

It offers meat, sausage, and delicatessen products.

The institution has astir 450 employees crossed its facilities successful Kempten, Bavaria, and Schopfloch, Baden-Württemberg.

Just Food has asked Leibold for further comment.

"German meats supplier Allgäu Fresh Foods seeks insolvency protection" was primitively created and published by Just Food, a GlobalData owned brand.

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