Germany administrator reviews insolvent chem firm WP Mannheim

18 February 2011 17:39  [Source: ICIS news]

TORONTO (ICIS)--A German insolvency administrator has begun a review of fine chemicals producer WP Mannheim, an official said on Friday.

WP Mannheim filed for insolvency earlier this month.

Matthias Braun, spokesman for lawyer and insolvency administrator Tobias Hoefer, said the review was focused on how WP Mannheim could be reorganised and maintained.

He added that it was too early to comment on the cause of the insolvency. WP’s management had said it filed for insolvency after a former US subsidiary defaulted on a large payment.

Meanwhile, 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 in a statement.

He added that a number of parties had shown interest in taking over WP.

WP Mannheim was renamed last year from its previous name, 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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