HPC service company Transtec filed insolvency - plans to restructure in coming 3 months
5 May 2017 Reutlingen - The German HPC specialist Transtec has filed for insolvency which got accepted by the "Amtsgericht Tübingen" on May 4th. The company gets protection from creditors for 3 months in which time the company with 80 employees, needs to restructure. Dr. Leichtle has been appointed as legal administrator. Bandik Thomas has been appointed to the board to lead the restructuring process called "Fitnessprogramms". This should be finished by July 31st 2017. The bad financial results over the year 2016 were the reason behind the restructuring process and the filing for insolvency.
The legal term for the process is called "Schutzschirmverfahren gem. § 270 b InsO" in Germany. It is comparable to a Chapter 11 filing in the USA.