Pfleiderer, issuer of €275m hybrid bond, files for insolvency after restructuring plan fails

19 Apr 2012

Pfleiderer, a German manufacturer of wood products, has filed for insolvency after a restructuring plan it agreed in June 2011 failed. The company issued a €275m hybrid perpetual bond through Barclays and Royal Bank of Scotland in 2007.

Individual claimants that held some of the 7.125% bonds or Pfleiderer’s shares have succeeded in persuading Frankfurt’s higher regional court to reject the company’s application for release related to the lawsuits.

As a consequence, management has decided to file for insolvency. It has not instated an insolvency administrator, but ...

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