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Buhrs enters into insolvency

Monday, July 12, 2010

Press release from the issuing company

From their website:

Buhrs Mailing Solutions BV, Buhrs-ITM GmbH and Betron GmbH enter into insolvency

As part of a technical financial restructuring process Buhrs Mailing Solutions BV (holding company), Buhrs-ITM GmbH and Betron GmbH were brought into insolvency proceedings earlier this week.

During this phase, which is expected to take a couple of weeks, Buhrs will operate as much as possible under normal conditions. Buhrs is making every effort to avoid delays in delivery; we apologize for any delays that might occur.

Buhrs already introduced and implemented a global reorganization program that began in 2008 and has continued through 2010. This program has lead to significant fixed costs reductions (-40%) and made the company much more flexible. Buhrs currently employs around 250 people which is down significantly from a level of 360 people prior to the reorganization program. In 2008 and 2009 Buhrs generated substantial losses, but 2010 year-end forecast is profitable. Order intake YTD 2010 compared to same period last year is up 25%. Buhrs is in the process of strengthening the capital of the company and is in discussion with private equity firms.

Management of Buhrs Mailing Solutions BV is working closely together with the appointed administrator Mr. Moeijes in order to keep the process as efficient as possible on behalf of all stakeholders.

We do apologize for any inconvenience this might cause.

In case of questions, please contact your local representative or mail us at: restructuring@buhrs.com.




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