German TV set maker files for protection

LOEWE, the German manufacturer of television sets, has filed for protection from creditors so as to accelerate a restructuring.

The board said on Tuesday it had taken the action "to assist the company in implementing its restructuring program and its new corporate strategy more quickly".

It said in a statement: "After receiving approval for the proceedings, Loewe will continue to be managed by its executive board and can use the opportunities offered to restructure the company."

Business at its main Kronach site "will continue without any restrictions," Loewe added.

The applications was made to under the so-called Schutzschirmverfahren, an instrument available under German law since March 2012 aimed at making it easier for indebted but nonetheless viable businesses to restructure themselves.

Businesses which apply for it are still technically bankrupt, but they are given three months to restructure, while for the most part still maintaining control of their business.

The management board's aim "is to restructure Loewe in co-operation with strategic partners and investors," the company insisted.

Loewe shares nosedived on the news and were showing a loss of 18.2 per cent on the Frankfurt stock exchange.

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