Feb 11 2016
The Wismar based pellet fuel producer German Pellets may not rehabilitate themselves. The application for self-administered insolvency had been rejected. If accepted the founder Peter Leibold would continue remained in office, despite having to answer for the failure. Court appoints Bettina Schmudde of the law firm White & Case as preliminary insolvency administrator .
German Pellets had provided and announced the business “in full” to continue a request for self-administered insolvency on Wednesday. The pellet manufacturer has in April 1 to repay a bond with a volume of 52.4 million euros.
Thousands investors have subscribed bonds amounting to 226 million euros. In addition, the owner of participation rights, which have invested 44 million euros. In addition, $ 546 million in bonds were invested for two connected with German Pellets production in the United States. Consequently, around 760 Euro million investor money are on the brink.
German Pellets GmbH was formed in 2004 in Wismar (Mecklenburg-Vorpommern state) and has developed into one of the world’s largest manufacturers and traders of wood pellets. German Pellets produces wood pellets and also animal-hygiene products, at 15 sites in Germany, Austria and the USA and at six partner sites. In the business year 2014, the German Pellets Group attained sales revenue of EUR 593.0 m.; its 628 employees generated a net income of EUR 7.9 m.