“The opening proceedings have shown that both investors andcreditors have only limited experience with the comparably new process ofself-administered insolvency,” the company said in an ad-hoc statement to stockmarkets.
“The parties involved agree that the company can berestructured and reorganized more simply and more quickly using the means ofinsolvency proceedings through the better-known general insolvencyproceedings."
Insolvency under self-administration is a procedure inGerman bankruptcy legislation similar to the US chapter 11 rule thattemporarily grants the company creditor protection.
