The German-based division of Adveo Group International has announced that it is invoking a pre-insolvency protection mechanism which falls under German law.
As Reuters reports, by invoking pre-insolvency protection, the company “can’t be claimed by its creditors during negotiations related to refinancing.”
Companies can adopt this mechanism for a period of up to 3 months; invoking pre-insolvency protection “does not imply any changes in [the] current activity of the company.”
Adveo says it is still exploring alternatives for its refinancing.