Posted 12th July

Alno AG submits application for self-administration

By KBBDaily on 12th July 2017 - 09:55am

German kitchen manufacturer Alno AG has gone into administration, saying that despite the successes it has seen through its restructuring measures since the beginning of the year, “financial liabilities” have caused the company to submit an application for self-administration.

Alno AG has noted that if the District Court initiates the provisional procedure in self-administration, the company's management board will remain unchanged and the business will continue to run.

Since the company released its statement, the value of Alno AG's shares have started to fall. The company said that as part of its restructuring process since the beginning of the year, it has managed to shrink its operating loss by €8.7m to May 2017 to reach a loss of €1.3m, having recorded a loss of €10m in the January to May 2016 period.

Earlier this year, Alno AG postponed the publication of its annual statement for 2016 from April to June, with the date change reportedly due to the company's ongoing restructuring measures and a reduction in staff which affected the group's finance and accounting departments.

In August last year, Whirlpool Germany sold its 14.08% stake in Alno AG to Tahoe Investors, making the holding company Alno’s largest single shareholder. In February, Alno UK managing director Adinde Blacquière stepped down from her role, having taken over the position from Jonathon Wagstaff in September 2015.

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