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Reuters
Published
Jan 5, 2011
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Germany's Schiesser out of insolvency

By
Reuters
Published
Jan 5, 2011

Schiesser
Jan 4 - German lingerie group Schiesser has emerged from insolvency proceedings as it prepares to float on the Frankfurt Stock Exchange in the second quarter of 2011, according to a company statement issued on Tuesday.

The family-founded company filed for insolvency almost two years ago and first voiced plans to float in 2010.

Schiesser said insolvency administrator Volker Grub would join the supervisory board and hand over the running of the company to the new executive board, which includes Rudolf Buendgen, Karl-Achim Klein and Johannes Molzberger.

German fashion designer Wolfgang Joop is set to assist the 1875-founded group as creative adviser after earlier dropping his interest in buying the company.


(Reporting by Michelle Martin; editing by David Hulmes)

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