Acument Global Technologies, Inc. “Acument”, a leading global supplier of mechanical connection systems, today announced that its German business, Acument GmbH & Co . OHG (Germany Acument “) with headquarters in Neuss, Insolvenzeröffnung procedures under German insolvency law has been initiated. Acument Germany today has made application for insolvency and the bankruptcy court in Dusseldorf, Germany, also a bankruptcy plan. The insolvency plan is targeted with an application in the U.S. “Chapter 11″ are comparable.

The bankruptcy court has appointed Dr. Wolf by the sword of the law firm Metzeler – from fencing to the provisional liquidator appointed. Acument Germany has the insolvency experts from Carsten Koch Helle Leonhardt West & Partners as Chief Restructuring Officer (CRO) appointed.

“We are confident that this approach and the subsequent rapid restructuring Acument Germany will allow our customers a strong partner with new life”, said Robin Kendrick Vice President and General Manager of Acument Europe.

“The insolvency plan and the self-management will enable us a more competitive cost structure, our facilities in Germany and to obtain as many jobs as possible to secure,” said Kendrick. “We will complete the process in close consultation with our customers, suppliers, creditors, and the Works and to the authorities and other partners make. Thus, we will ensure that our customers without interruption with our products are supplied”.

Included in the insolvency proceedings are Acument locations in Beckingen, Dürbheim, Neuss, Neuwied and Schrozberg as well as the logistics center in Cologne – a total of more than 1700 employees. Avdel factory in Langenhagen and Acument locations outside of Germany are excluded from this procedure is not affected.

The application for insolvency was extensive discussions with key customers in Germany, the general works council and trade unions ahead. They were discussing the possible strategic alternatives and opportunities to restructure outside of court solutions discussed.

“The insolvency plan in-house management will help the business of Acument continued in Germany and at the same time a höchstgradiges level of security for our customers, suppliers, employees, creditors and other partners to ensure”, said Rick Dauch President and CEO of Acument.

“The other Acument units in the world thanked to a series of deep cuts on solid financial ground. They will continue in all our business activities, and a response to the global economic crisis, and so Acument successful. We have worked with great vigor in the wake of the decline in sales costs are reduced and recently concluded an agreement with our lenders found that our liquidity ensures. Our operational and financial plans are correct and we are sure, so that by the crisis and to steer the global competitiveness of our company to say”, Dauch said.