Troubled Tetenal Europe to wind up operations April 1, via World of Photo

Classic European chemical maker Tetenal Europe GmbH has failed its attempt to reorganize, according to World of Photo:

“Today, employees of the company headquarters in Norderstedt were informed that the company will be wound up and closed April 1, 2019 after completion of the production of existing orders. This was confirmed to INTERNATIONAL CONTACT by the law firm of the insolvency administrator Dr. Sven-Holger Undritz (White & Case Insolvenz GbR). In the search for investors, which should allow a continuation of the traditional brand, there were indeed interested parties, but no binding commitments, the spokesperson added. Therefore, the decison to wind up the company was made.”

According to the report, Tetenal Europe GmbH filed a reorganization petition under insolvency protection at the district court of Norderstedt in October, 2018. The former managing director, Daniel Middendorf, remained in office to bring the company back on track, accompanied by the restructuring experts Buchalik Brömmekamp and, later, by their successors, the Austrian consulting network Grantiro.

In January, the regular insolvency proceedings for Tetenal Europe GmbH were opened, and the German subsidiary Tetenal Imaging Service GmbH filed for insolvency.

There is no information about the fate of Tetenal’s subsidiaries in Poland, France and the United Kingdom, according to the report.