Eterna files for self-administration proceedings

Eterna Mode GmbH has filed for insolvency under self-administration at Passau District Court.

The aim of the proceedings is to implement the final milestone in the transformation of the Passau-based shirt and blouse specialist. This includes the complete outsourcing of logistics as well as the sale and leaseback of the company premises, Eterna announced on Tuesday. The application was necessary because "some of the financial creditors secured against the property did not agree to the sale and leaseback of the premises".

The implementation of the transformation through the proceedings is supported by Eterna's key financiers, customers, suppliers and partners, according to the statement. Business operations will continue unchanged under the existing management, which will be supported during the proceedings by Georg Bernsau from law firm KL Gates LLP.

Internationalisation to be driven forward

On the product side, Eterna intends to continue focusing on modernising collection content and expanding internationalisation. Product innovations in menswear such as merino-linen shirts, new performance qualities in the smart-business segment and the recently introduced 'Japanese knitted' capsule will be presented at the upcoming trade fairs in Florence and Düsseldorf as well as in the showrooms.

The womenswear segment is also set to grow further. With the new content direction, which includes a clear focus on colour themes and the separation of the premium line 1863 from Eterna, the company has gained further top accounts both domestically and internationally.

Eterna continues transformation

Eterna has recently undergone several changes in management. After appointing Christian Bregovac as the new CEO at the beginning of the year, succeeding Fritz Terbuyken, he left the company after just a few months. Since then, the management team has consisted of sales director Dirk Heper and chief financial officer Herbert Oelke, according to the company.

The current insolvency proceedings follow Eterna's restructuring at the end of 2021. The reason for the restructuring proceedings, which were initiated in August 2021, was a disagreement with creditors over an interest deferral for a bond issued in 2017 with a maturity date of 2024.

The trigger for these problems was the consequences of the Covid-19 pandemic. Eterna had violated promissory note conditions due to the financial impact. Creditors of these securities subsequently demanded that no more cash be allowed to flow out of the holding company. As a result, Eterna had to defer interest payments to bondholders.

This article was updated on December 16, 2025 at 2.28pm with a press release from Eterna.

This article was translated to English using an AI tool.

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