10 December 2010

Märklin: creditors' meeting in two weeks

Here a translation from original german link:

The creditors of the insolvent German model train manufacturer Märklin decide in two weeks about its future.

As a spokeswoman for Märklin insolvency administrator Michael Pluta said, the meeting of creditors of the company is scheduled for 21 December. This date was also mentioned in a notice of the district court in Göppingen.
The Assembly should decide on the bankruptcy plan - and whether the bankruptcy proceedings as planned at year end. Pluta would not comment before the meeting. The claims of 1380 creditors amounted to € 93 million. According to a further notice of the district court to the creditors' meeting to vote on whether the administrator is empowered under the bankruptcy plan, satisfying from the sale proceeds to creditors claims. To a potential buyers Pluta spokeswoman made no details.
Märklin had filed bankruptcy in February 2009. Since the announcement of the insolvency had to remove more than 400 employees. About 1000 are left at the sites in Germany and Hungary. After the problems of previous years Märklin has since recovered somewhat. In mid-July it was announced for the first half of 2010, an increase in orders from 74 to 78 million €. Revenues grew by 40.4 to 42.6 million euros. Earnings before interest and taxes (EBIT) increased compared to the same period last year to minus 1.5 to plus 1.8 million euros. About the net result, there were no details.

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