Supplier Product Trade Center Germany (PTC Germany) has filed for an insolvency process in the district court of Krefeld, a document seen by Undercurrent News shows.
PTC — which is a frozen seafood supplier to discounters such as Aldi and Lidl — filed for insolvency on March 8. Rumors of financial issues with the company had been circulating since the Fish International show in Bremen, Germany, according to Undercurrent’s sources.
No reason for the PTC insolvency filing is given in the document.
“Fast talk and big arm movements don’t pay bills,” said one Undercurrent source, who declined to be quoted by name, of PTC’s fast growth and then insolvency filing. The company reported turnover of €131.12 million ($162m) in its latest reported financial year for 2016, up 49% year-on-year. PTC reported a profit of €4.26m for 2016, up from €2.10m in the previous year.
Undercurrent could not reach managing directors Heiner Geurden and Bruno Coornaert for comment.
Jan-Philipp Hoos, of law firm White & Case, has been appointed as the insolvency practitioner for PTC.
Undercurrent could not reach Hoos for comment, either.
The company sells a wide range of frozen products, including pollock, cod, salmon, tuna, scallops, redfish, seabass and seabream.
PTC is based in Kemper, but has a plant in Bremerhaven. Also, according to its website, it claims to have plants in Poland, Serbia, the Ukraine and Turkey.