Kitchen manufacturer applies for provisional debt-restructuring moratorium
The Swiss kitchen manufacturer Bruno Piatti AG applies for provisional debt-restructuring moratorium. This is intended to secure the initiated turnaround.
By applying to the District Court in Bülach (Canton of Zurich) for the opening of a provisional debt-restructuring moratorium, the Board of Directors and the Management of Bruno Piatti AG intend to continue the restructuring process initiated at the beginning of the year and to secure the turnaround. This is stated in a press release sent out on July 27. The company with the two brands Forster Küchen and Piatti is a subsidiary of the German ALNO AG, one of the largest kitchen manufacturers in Germany.
The restructuring measures implemented at Bruno Piatti AG since the beginning of January 2017 are showing initial successes in securing operations, according to the company. Despite these successes, the Board of Directors is required to file an application for provisional debt-restructuring moratorium due to the legacy issues and the associated high liquidity requirements, it adds. With this application, the Board of Directors, together with the Management Board and the management of ALNO AG, is pursuing the goal of continuing Bruno Piatti AG profitably after completion of the restructuring process. Bruno Piatti's current strong market position as one of the largest kitchen manufacturers in Switzerland is thus to be secured.
Source: AFP Kitchens AG
