Forward AM has announced that it will temporarily cease its business activities in the USA. This follows the ongoing insolvency proceedings of the company, which was spun off from BASF just a few months ago. According to a LinkedIn post by Jeremy Vos, Business Development Manager at Forward AM, the US market will be served from the company’s headquarters in Germany.
The company is considering resuming operations in the US possibly at the end of this year. However, this is subject to successful restructuring and securing the necessary financing in the coming weeks. Forward AM filed for insolvency in November and could reach the final stage of insolvency proceedings on February 1 if sufficient assets are available to cover the costs of the proceedings.
Negotiations are currently underway with key stakeholders to develop a viable plan for the future. Among other things, this plan should determine how creditors can be repaid and how additional capital can be raised. However, such a plan would only be effective if a majority of the stakeholders involved agree to it.
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