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Texaid concludes restructuring and slims down German operations

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Martin Böschen, CEO of Swiss textiles recycling group Texaid
"We are now back to normal operations, with a structure that is far more robust than before the insolvency," Texaid's CEO Martin Böschen told EUWID.

Swiss waste textiles company Texaid says its German subsidiaries have reached an important milestone in their self-managed insolvency proceedings: At a court hearing in mid-March, creditors unanimously approved the proposed insolvency plans for the German firms ReSales Textilhandels- und Recycling GmbH, Texaid Collection GmbH and Texaid Beteiligungsverwaltung Deutschland GmbH.

This clears the way for the businesses to continue operations and reduce indebtedness. The group expects to exit insolvency proceedings by the end of March. Speaking to EUWID, CEO Martin Böschen said this was "the formal conclusion to a turnaround that has already succeeded at the operational level"....

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