Liquidation Proceedings Were Opened at The Beginning of August 2012

According to a number of reports in the Spanish media, liquidation proceedings were opened at the beginning of August 2012 concerning the insolvent Spanish door manufacturer Puertas Norma. The responsible commercial court, Juzgado Mercantil de Soria, instigated the liquidation after two takeover offers for the company had been rejected as insufficient by the creditors and by the court respectively. Further steps in the proceedings are not expected until September, because the commercial court is in summer recess during the month of August. Against this background, production at Puertas Norma was temporarily closed down on 10 August within the scope of company holidays until 3 September 2012.