HALLE/WESTFALEN (dpa-AFX) - The creditors of fashion manufacturer Gerry Weber have given the green light for the restructuring of the ailing company. During the court hearing and voting session on Friday, all creditor groups approved the restructuring plan with the required majorities, the company announced.

"With today's approval by the creditors, we have reached a decisive milestone in the further implementation of our restructuring concept," said CFO Florian Frank. He added that this would give the Gerry Weber Group a solid financial basis again and enable it to focus on the challenges ahead.

According to the company, a complete capital cut is planned, so that the current shareholders of Gerry Weber International AG will leave without compensation and the shares will no longer be listed on the stock exchange. New shares will then be fully subscribed by the restructuring investor, Luxembourg-based GWI-Holding.

be subscribed. The capital cut is to take place after confirmation of the plan by the court. The restructuring court in Essen has set September 27, 2023 as the date for this.

In April, Gerry Weber International AG had applied to the Essen District Court to initiate restructuring proceedings under the German Act on the Stabilization and Restructuring Framework for Companies (StaRUG). In June, the company announced that it would close 122 of its 171 company-owned stores and outlets in Germany by the end of September as part of its restructuring efforts./rea/DP/jha