Tadano Demag GmbH’s and Tadano Faun GmbH’s creditors approved the reorganization plans for both companies. The creditors’ meeting unanimously approved the restructuring plan for Tadano Faun. For the Tadano Demag plan, approval was almost unanimous at 99 percent.
The management will now systematically continue with the company’s reorganization and the corresponding operational restructuring measures, some of which have already been initiated. Tadano Demag and Tadano Faun will be exiting protective shield proceedings by the end of the first quarter of 2021, meaning that the proceedings went exactly as scheduled.
The focus will also be on developing new, innovative products – not just machines, but technologies and services as well. A key measure in the reorganization plan is updating the company’s product portfolio. In the future, customers will have a wider and more comprehensive portfolio of lifting equipment solutions available. In fact, a series of new products will be launched on the market in the next few months
Jens Ennen, CEO of Tadano Demag and Tadano Faun: “With the creditors’ approval, we now have a clear mandate and the task of continuing to consistently drive forward the company’s reorganization and implement the operational restructuring measures that have already been partially initiated. We have established the roadmap for the future in these protective shield proceedings, the successful conclusion of the proceedings is imminent and we will continue quickly and efficiently along the path we have chosen. Tadano Demag and Tadano Faun will continue to be strong and reliable partners for our customers in the future and will offer even better and more innovative products and services.”
