Austrian panel manufacturer Dendrosolutions GmbH is insolvent and has filed an application for restructuring.
Dendrosolutions, a network of four companies which includes the manufacture of lightweight panels with a honeycomb middle layer, said the group had hoped to gain support from investors for its Dendrolight business.
“Despite binding commitments, monies due were not paid, resulting in the company’s inability to pay [its debts],” he said.
The company faces liabilities of €5.48m from 120 creditors.
Dendrosolutions intends to continue its business during a restructuring process.
