After a challenging period for the company, the brand has successfully secured a rescue. Now operating under new ownership with Frantz Longhi as the sole proprietor and new anonymous investors, the Danish brand Paustian has avoided bankruptcy.
Frantz Longhi, who made a significant profit in 2018 from selling Kähler to Rosendahl Design Group, faced recent financial difficulties with his company, Danish Management Group. The final stage of Paustian's rescue unfolded today at the Aarhus Bankruptcy Court, where all 182 creditors endorsed a rescue plan that allows the company to continue under new management.
Photo: Dreamstime.
The restructuring proposal, which was presented earlier this week, has been officially approved, making Longhi the sole owner of the newly formed Paustian entity, supported by several anonymous investors.
However, the rescue plan does not cover Paustian's inventory at Nordhavn in Copenhagen. This stock will be sold off to recover assets from the old company. The clearance sale will be held throughout September at the Strøget store, the Nordhavn warehouse, and online.
Source: www.wood-supply.dk