Tadano reorganization plan gets approval
By Alex DahmFebruary 18, 2021
Creditors have approved the reorganization plans for Tadano Demag GmbH and Tadano Faun GmbH which are under protective shield proceedings in Germany.
At a February 18 meeting in Zweibrücken, Germany, to discuss and vote, the creditors agreed unanimously on the Tadano Faun plan with the Tadano Demag plan close behind at 99% voting to approve.
Operational restructuring measures will continue and both companies will exit the protective shield proceedings on schedule, by the end of the first quarter of 2021, Tadano said. “Our customers will have a significantly wider and more comprehensive portfolio of lifting equipment solutions available to them, and this will provide greater flexibility even with large package deals.” Look out for a series of new products being launched on in the next few months, the company said.
Commenting on the news Jens Ennen, Tadano Demag and Tadano Faun CEO, said, “With the creditors’ approval, we now have a clear mandate and the task of continuing to consistently drive forward the company’s reorganisation and implement the operational restructuring measures that have already been partially initiated. We have established the roadmap for the future in these protective shield proceedings, the successful conclusion of the proceedings is imminent and we will continue quickly and efficiently along the path we have chosen. Tadano Demag and Tadano Faun will continue to be strong and reliable partners for our customers in the future and will offer even better and more innovative products and services.”
For more details of what the restructuring will include, see the update here.