Unable to find a buyer for the reorganized group, three companies within German press control and automation specialist EAE have sought creditor protection under local laws.

The proceedings last week see director Werner Ringel – appointed to restructure the group in 2010 – continue and the naming of a Hamburg-based firm as preliminary custodian, German trade journal print.de has reported.

Headquartered in Ahrensburg, EAE is a major supplier of control systems and technology for new newspaper press installations and upgrades, and is understood to be suffering as a result in the downturn in press installations and projects.

A statement says its three sites will continue normally under the arrangement.

Under the 2010 rerstructuring plan, Ringel’s brief is to turn the business around, reduce debt and prepare it for profitable sale.

The company says the proceedings are necessary because plans for a sale have taken longer than planned, and further capital would otherwise have been needed.

Under protection, a timescale is set for it to submit a plan for the completion of the process.