German videowall manufacturer eyevis is to complete a restructuring process with the help of insolvency proceedings. The other companies in the eyevis Group, Teracue, eyevis UK, eyevis France and eyevis Spain are not affected by the insolvency petition.
On Monday December 5 the company, which is headquartered in Reutlingen near Stuttgart, filed a respective application to its local district court. Its business continues unchanged says eyevis, with all orders being processed as agreed. Its 120 employees are covered by the insolvency benefit until February.
Before the bankruptcy petition, eyevis was working with consultants to develop a restructuring strategy had started reorganising the company. Significant success has already been achieved says eyevis. In addition, a search for potential investors was initiated.
"The reactions to this M&A process have so far been very positive," said insolvency administrator Holger Leichtle from Schultze & Braun. "In my opinion, the chances are good that we will find a suitable solution here within the framework of the procedure. The goal is to reorganise the company and thus maintain the highest possible number of jobs."
eyevis came into financial difficulties due high interest and repayment costs as well as the high pre-financing requirement of the project business. The insolvency proceedings include eyevis Gesellschaft für Projektions- und Großbildtechnik and eyevis Holding.
eyevis UK has also announced a statement clarifying its position. 'Eyevis Ltd is a private entity and the temporary ‘preliminary administration’ status of eyevis GmbH does not affect its operation in any way. We continue to work with eyevis GmbH and as its dedicated business partner, providing its high-quality solutions to our UK clients and it is very much ‘business as usual.’
eyevis UK is continuing to take delivery of and install videowall equipment and systems from eyevis GmbH on a daily basis, with on-schedule deliver.
Despite the currently situation, eyevis will be an exhibitor at ISE 2018. "We will be presenting a series of new developments as usual at our stand 2-B70 at the fair. Naturally also as a clear signal for our customers and symbol for the positive continuation prognosis of the enterprise," so Wolfgang Schön, MD of eyevis GmbH.