Mackprang, the 139-year-old German company, announced that they petitioned for the opening of insolvency proceedings. Mackprang is trading in grains, animal feeds, feed additives and liquid feeds for dairy cattle.
German grain trading house Mackprang has applied for insolvency proceedings on 9th February. Chief Executive Jens Kass told Reuters work would continue while a provisional administrator holds talks with creditors. “Despite intensive discussion between our shareholders and the main banks, no agreement was found on a new business model for future of Mackprang jr. GmbH & Co. KG. Therefore, the management board forced to petition for the opening of insolvency proceedings at the Local Court of Hamburg. We endeavor to business operations as far as possible under the supervision of provisional insolvency administrator.” the company stated.
The Mackprang family business was founded under the name of C. Mackprang jr. GmbH & Co. KG as a trading company for agricultural raw materials in 1878. The 139-year-old Hamburg-based company is involved in trading of milling and feed grains, malting barley, and feed meals such as rapeseed meal and soy meal. The company’s main shareholder is Bohnhorst, a German trading house.