German Beate Uhse’s Dutch subsidiary has not gone bankrupt after all and will continue its activities in both Belgium and the Netherlands. The company revealed the information itself after bankruptcy rumours surfaced.
Beate Uhse Shared Services
News broke last week that Beate Uhse’s Dutch division, with Pabo among others, had filed for bankruptcy because it failed to obtain a 5 million euro loan to safeguard its future. The Dutch parent company had also filed for bankruptcy earlier.
The Dutch division now refuted the bankruptcy rumours. Beate Uhse Shared Services, which shared its main offices with the Dutch division, did go bankrupt however and sixty people will now be out of a job.
Beate Uhse’s CEO, Michael Specht, said that was a legal requirement to relaunch the German group. It tried to refinance a 30 million euro loan late last year, but when it failed to do so, it decided to go bankrupt in order to restructure the company.
Beate Uhse Netherlands has survived thanks to a 5 million euro loan from British Prime Capital Debt, Omroep Zeeland reports.