GERMANY – On December 2nd, German industrial plant manufacturer Hymmen GmbH, started insolvency proceedings. 

Located in Bielefeld, Hymmen is a renowned medium-sized mechanical and plant engineering company with over 120 years of tradition. The Company manufactures machines and plants for its customers in the industrial segments of: furniture; flooring; doors/gates; decorative laminates, among others.

Originally on November 27 Hymmen had announced an application for self-administration for the beginning of December. This type of request was for companies with a difficult economic situation in 2015. The basis for the self-administration was the positive order intake during the previous two months, as well as a major order for a double-belt press, worth more than 3 million euros, immediately before the application. However, Hymmen followed with insolvency proceedings on December 1st. The Company, along with financing institutions, decided that restoration under insolvency proceedings was a better alternative, due to the extremely complex financing structure of a plant engineering company.