Germany’s WP Mannheim files for insolvency, operations continue

15 February 2011 16:53  [Source: ICIS news]

TORONTO (ICIS)--German fine chemicals firm WP Mannheim continues operating despite filing for insolvency, a spokesman said on Tuesday.

Matthias Braun, spokesman for insolvency administrator Tobias Hoefer, said WP filed for insolvency last week after a former US subsidiary defaulted on a large payment.

In a separate statement, Hoefer said a number of parties had already shown interest in taking over WP.

In the meantime, WP’s order books were full, the company continued operating normally, and wages and salaries for its staff of 90 were secure until at least the end of April, Hoefer said.

WP Mannheim was renamed last year. It was previously known as WeylChem.

The company was acquired in 2005 by International Chemical Investors Group (ICIG), a Luxembourg-based private industrial holding company focused on mid-sized chemical and pharmaceutical businesses.

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By: Stefan Baumgarten
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