Pfleiderer AG (PFD4) plunged as much as 47 percent in Frankfurt trading after the German maker of wood- based panels for furniture and interior fittings said it’s preparing to file for insolvency.
The shares slid 15 cents, or 42 percent, to 20 cents as of 9:45 a.m. after falling as low as 19 cents. An 88 percent decline over the past 12 months has reduced the Neumarkt-based company’s market value to 11.8 million euros ($15.8 million).
Pfleiderer said late yesterday that it lost a bid for bondholders to participate in a restructuring plan.
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