DANNENBERG, FDR—Nya Nordiska, a medium sized German editeur, filed for protection under the Germany bankruptcy laws February 2 according to a letter sent to its suppliers by Remo Rentgen, CEO.
The move to reorganize was made to “adapt our company to the changed market and competitive conditions,” Rentgen says.
Nya Nordiska has asked its suppliers to temporarily waive payments for previous deliveries. Rentgen wants these suppliers to trust his company to make good on those payments in the future and still continue current shipments.
“With the initiation of the judicial restructuring process…it is impossible for us to make any payments on your existing financial claims,” Rentgen says. “All receivables existing as per effective date of January 31, 2018 are included in a comprehensive restructuring plan, which in consultation with the court appointed trustee, specifies in detail the quotas which will be used to satisfy your existing claims.”
Nya Nordiska is an international textiles editeur with subsidiaries in Paris, London, Como and Tokyo. The family business was founded in 1964 by Heinz Röntgen and today employs about 120 people according to its website.