Schneider is delighted that the financing agreement was reached within only a few days. "Immediate action was essential as an interruption of production does harm the company and makes the desired sales process more difficult," said Schneider.
The mass credit has a volume of Euro 55 million, thereof Euro 10 million in form of a cash drawing facility. A further Euro 45 million are a so-called "partial" mass credit in which the lending banks release part of the forgone loans. The release ensures the required liquidity without the banks having to provide new debt.
The financing secures fulfillment of liabilities with customers and suppliers that have placed or received orders with manroland after the company has filed for insolvency. Liabilities originated before the filing will be dealt with as part of the insolvency proceedings later in the process.