Insolvency proceedings for Biogas Nord Anlagenbau launched
Sep 16, 2013 - Preliminary insolvency proceedings for Biogas Nord Anlagenbau GmbH, a subsidiary of German biogas plants developer Biogas Nord AG (ETR:BG8), were opened on Friday, Alexander Rechter, CEO of the parent company, said.
The move was attributed to the high outstanding debts and recent liquidity problems of the unit. The management board and preliminary insolvency administrator Norbert Westhoff intend Biogas Nord Anlagenbau to continue operations and to implement a stable restructuring.
Biogas Nord AG and the other subsidiaries of the group are for the time being not affected by the proceedings.
Biogas Nord Anlagenbau GmbH is the operating unit of Biogas Nord AG in Germany.