August 02, 2012 (Germany) – Holmenkol AG, the German manufacturer of Holmenkol ski wax and tools filed for insolvency protection in the German courts on June 22, 2012 after efforts to find financing to cover outstanding debts failed. The German District Court of Ludwigsburg ordered measures to secure the assets of the company and an insolvency administrator was appointed to transition the company through the process.
The US Holmenkol distributors Natron Nordic Enterprises (Nordic) and Sport Thoma (Alpine) are separate companies and continue operating unaffected by the change. Due to solid pre-season orders from Holmenkol distributors around the world, Holmenkol AG management and the insolvency administrator have decided to continue the business and will not liquidate the operation. The goal of the insolvency proceedings is to stabilize operations, restructure obligations and facilitate an acquisition by an investor. This process is expected to take 4-6 weeks in which time Holmenkol AG will manufacture and deliver products for current and future orders.
Nathan Schultz, owner of the US company that distributes Holmenkol Nordic Wax and Tools, commented, “While this is certainly not the ideal situation, the US distribution will be unaffected for the short- and medium-term. We have inventory for the 2012-2013 season already in place, and we are hopeful that this re-organization will make the Holmenkol Germany company stronger long-term. We expect no interruption in supply from Germany and the re-structuring will not affect US dealers, teams or consumers in any way.”
According to Karl Kuffner, International Sales Manager of Holmenkol AG, the company and insolvency administrator are currently working with a pool of potential investors and they are determining which group will best provide future stability as the company exits insolvency.