MAHWAH, N.J--(BUSINESS WIRE)--
Bogen Communications International, Inc., (Pink Sheets: BOGN) announced its German subsidiary Speech Design GmbH (“Speech Design”) filed an application in Hamburg for preliminary insolvency proceedings on January 10, 2019. The court approved debtor-in-possession management of the business, in conjunction with an insolvency advisor retained by Speech Design and a court appointed preliminary insolvency custodian. On April 1, 2019 formal insolvency proceedings were declared opened by the court. During this phase management, its insolvency advisor, and the insolvency custodian will collectively explore strategic alternatives for the business and develop a plan of reorganization for approval by creditors and the court. Speech Design is a wholly owned subsidiary of Speech Design International Inc., which is a wholly owned subsidiary of Bogen Communications International Inc.
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About Bogen
Bogen Communications International, Inc., is based in Mahwah, New Jersey. Speech Design is based in Hamburg, Germany.
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