Insolvency proceedings have begun for Product Trade Center Germany (PTC) in the district court of Krefeld. The frozen fish purveyor, in business since 2009, supplies a range of products to discount retailers Aldi and Lidl in Europe, as well as to other customers.
Reasons for the insolvency were not disclosed by Jan-Philipp Hoos of the White & Case law firm, which has been appointed as the insolvency administrator. Meanwhile, the Kempen, Germany-based company remains open for business as it considers ways to restructure, pay off creditors and stay in business.
PTC’s processing operations in Serbia, Poland, Turkey and Ukraine are reportedly not part of the insolvency process.
While the company’s 2017 figures are not available, it reported sales of over €131 million and a profit of € 4.26 million the year before.
