German Court Ruling Paves Way for Pfleiderer

Raleigh, NC March 28, 2012 -- Pfleiderer AG yesterday announced that the Higher Regional Court in Frankfurt, Germany reached a decision that blocks the company's original financial restructuring plan.

As a result, the Pfleiderer AG Board will file an application of insolvency, which should make it possible for the restructuring to proceed.

The application for insolvency will affect only Pfleiderer AG as the holding company of the Pfleiderer Group. All of Pfleiderer’s subsidiaries – including Pergo North America (Pergo LLC) – are financially and organizationally independent and will continue normal operations, the company said.

In addition, the proposed sale of Pergo North America is unaffected. Pfleiderer said it has received a high level of interest in the purchase of Pergo due to the strength of the brand, its innovative product portfolio and exclusive manufacturing technologies.