[rollei_list] Re: Franke & Heidecke bankruptcy

  • From: David Sadowski <dsadowski@xxxxxxxxx>
  • To: rollei_list@xxxxxxxxxxxxx
  • Date: Thu, 5 Mar 2009 09:32:33 -0600

I found a better English translation of the press release:

Franke & Heidecke Files for Insolvency
 Press Release (from the German):

Franke & Heidecke GmbH, Feinmechanik & Optik, based in Braunschweig,
Germany, has filed for insolvency.

The Hans R. Schmid Beteiligungs GmbH, Offenburg, acquired the majority
shareholding in the company in September 2008. For majority
shareholder Hans R. Schmid, a devoted supporter of the company’s
products, who had described his commitment as a matter of personal
importance, there was no alternative to filing for insolvency any
more.

Although it had already been obvious at the time of the take-over that
a successful restructuring would cost substantial effort, Schmid
accepted the responsibility and acted determinedly. Additional
specialists were employed, weak points in the company were examined
and millions were invested et al. [sic] in production and quality
management.

Due to these measures quick progress could be made, however, the
massive failures of the past could not be resolved in the required
time. When recently financial and other old liabilities turned up,
which had not been known to the new shareholder at the time of the
take-over, it became evident that a financial reorganization would not
be possible even by investing further millions. This all the more, as
additionally negotiations with important business partners, banks and
the attempt to obtain public funds failed.

In spite of considerable risk of loss the new shareholder invested
repeatedly until the very end and has preserved the company and the
hope to maintain 131 jobs for a long time. Now the insolvency could
not be avoided any longer. In total Schmid invested millions in the
two-figure range.
---
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