Selected references
1) Standard proceedings
Manufaktur Rödental GmbH, Coburg Local Court (1 IN 312/13)
Manufaktur Rödental is the exclusive manufacturer of the “Hummel” figurines which are sold worldwide and are highly popular with collectors, especially in the USA. Business operations were restored while the company filed for insolvency, and an international M&A process set in motion to find an investor. That investor also submitted a bid for the insolvent company’s American subsidiary, and will ensure continuing sales of the Hummel figurines there.
Alpha Personalmanagement GmbH, Bochum Local Court, 80 IN 757/13
The object of Alpha Personalmanagement GmbH was personnel placement, involving jobs in the fields of interim management, on-site management, outsourcing and temporary employment. Alpha Personalmanagement GmbH was especially active in the placement of skilled workers and managers, and of specialists in installation and the craft trades. The customers included well-known logistics companies, manufacturing companies and the foodstuffs industry. Alpha Personalmanagement GmbH had offices in Bochum, Duisburg, Kassel, Cologne, Münster and Ulm.
When the company filed for insolvency, its business operations were continued in their entirety with around 300 employees, and with the initiation of insolvency proceedings restructuring with a transfer of ownership commenced, securing the overwhelming majority of jobs.
Sieg GmbH, Essen Local Court, 165 IN 27/13
Sieg GmbH was engaged in landscape gardening and the construction of sports grounds. The company has special expertise in the construction of large parks, sports facilities, gardens and playgrounds. Further business included gardening services for industry and housing estates, felling of trees, tree care and winter services. The company’s reference projects included landscaping during construction of the Veltins Arena in Gelsenkirchen, the car parks at the Essen Trade Fair Centre and at the German Railways Cargo Center in Duisburg. The insolvent company last employed 80 qualified staff and achieved annual sales of just over 11 million euros. While filing for insolvency, preparations were made for a restructuring solution and work at all the sites was continued under the supervision of the provisional administrator. Restructuring with a transfer of ownership was arranged, with the handling of significant sites continuing under the responsibility of the administrator.
Drescher GmbH, Schweinfurt Local Court, IN 175/13
For over 30 years, drescher has ranked among the leading traders in home accessories, lifestyle products and seasonal articles for Christmas and Easter. The company, which advertises on its homepage with the slogan, “We are Christmas”, employs around 80 people and is the market leader for hand-blown and hand-painted Christmas tree baubles. With its own design workshop and trend scouting organization, drescher has earned a reputation as the trendsetter in the industry. The products are listed with over 8,000 specialist retailers worldwide. A continuation of business, and in particular the purchasing of merchandise from the Far East, was made possible in the course of filing for insolvency, and an investor solution was prepared and agreed. By the due date for the initiation of the main insolvency proceedings, restructuring with a transfer of ownership had taken place. All the jobs were preserved.
BURTON GmbH & Co. KG, Osnabrück Local Court, 60 IN 20/13
BURTON is one of the leading innovative system suppliers of refractory systems for industrial kilns used in the manufacture of porcelain, clinkers, pavers, backing bricks, stoneware and structural ceramics. In the “Industrial Sales” division, BURTON supplies sectors of industry including waste incineration, aluminium and steel production and glassworks with high performance materials. The foundation stone for today’s BURTON GmbH + Co. KG was laid as early as 1887 with the establishment of a family business. After the Second World War, the works switched over to the production of refractory materials. Business operations were extensively continued with around 220 employees during filing for insolvency, and plans drawn up for restructuring with a transfer of ownership. Together with the plant in Melle, Lower Saxony, the transaction performed also included the transfer to the investor of Burton Beteiligungsgesellschaft GmbH with its around 80 employees at the Hungarian subsidiary in Sátoraljaújehly, thus preventing consequential insolvency for the works in Hungary which essentially acted as a workshop for the debtor.
Balli GmbH, Duisburg Local Court (64 IN 96/13)
Insolvency administration of the German unit of the Balli Steel Group, registered in the UK, also partially insolvent and one of the world‘s largest independent steel dealers with subsidiaries in Asia and the Middle East. In 2012, Balli GmbH reported sales of about €71 million and had subsidiaries in Turkey and Dubai. Up to the turn of the millennium, the company formed part of the Klöckner & Co Group and was sold to the British commodity trading company Balli in 2001. In the course of the proceedings, agreements were reached with the UK administrators and foreign business was also included in administration.
Draftex Automotive GmbH, Krefeld Local Court (95 IN 42/12)
Operation of a company in the automotive component supply industry (tier 1) with 580 employees and sales of about €40 million in 2011 as a going concern during the filing of insolvency proceedings and the insolvency proceedings themselves. An agreement concerning the continuation of operations was negotiated with major customers (leading German carmakers) to ensure the continued supply of components. An international investor process was initiated and business operations were continued following the opening of proceedings.
MCS International GmbH, Essen Local Court (161 IN 70/11)
Continuation of the operations of the company (tier 2) which produces and markets gas cylinders and other pressure vessels in cooperation with four other subsidiaries. The company employed about 150 people and had sales of about €15 million. Business operations were stabilized during the insolvency application proceedings and the company was sold via an international investor process about two months after the opening of the proceedings. It was possible to save most of the jobs concerned.
EGM Automotive GmbH, Mönchengladbach Local Court (19 IN 71/11)
Continuation of the operations of a company from the cast-iron sector (tier 2, sales of €25 million in 2011) in the opening proceedings and discontinuation of production during the insolvency proceedings, with about 170 employees. The company was liquidated as it was not possible to transfer it to an investor because of the cost structure and the unsatisfactory order situation.
Gebrüder Knipprath GmbH & Co. KG, Essen Local Court (160 IN 157/11)
Operation of a company in the automotive component supply industry (tier 2) as a going concern during the opening of insolvency proceedings and the proceedings themselves up to transfer to a strategic investor. Operation of the company, with about 70 employees and sales of about €8 million in 2011, was continued for a total period of four months.
Scheuten Solar Group, Essen Local Court (161 IN 36/12; total of five companies with a multi-stage structure)
This company is a producer of solar modules with about 220 employees and sales of up to €150 million specializing in the high quality glass segment with the worldwide sales market. Production was recommissioned and responsibilities were restructured under provisional insolvency as a result of the loss of upstream and downstream organizational units of the group. The company was rescued by transfer to a strategic Chinese investor in a difficult market environment.
Hans Esser Gesellschaft für Industrie- und Rohrleitungsbau mbH, Essen Local Court (166 IN 32/06)
During the insolvency of this company, with more than 400 employees, operations were continued and the company was rescued until an insolvency plan was successfully adopted and the main management tasks were transferred to a new managing director. Sales in 2005 totalled €26 million.
2) (Temporary) custodianship
Tectum Group, Essen Local Court (166 IN 160/12 and other references)
The Tectum Group has offered services in the field of dialogue marketing for more than 12 years and operates one of Germany’s largest call centres, with about 2,500 employees. The proceedings were initiated as protection scheme in accordance with Section 270 b, Insolvency Ordinance. Mr. Depping acted as Funding Register administrator of all Group companies.
Sovello GmbH, Dessau-Roßlau Local Court (2 IN 162/12)
The object of this company was the development, production and marketing of products and technologies in the field of renewable energy generation, especially photovoltaic equipment. The objective of self-administration by the debtor was to find a (co)-investor in the crisis-ridden market segment with the support of the custodian in order to rescue the facility at Bitterfeld-Wolfen with about 1000 employees in a structured international M&A process.
3) ICRO
Hansa Group, Duisburg Local Court (62 IN 103/14 etc.)
The HANSA Group is a leading, integrated supplier of chemical products in Europe. The sales figures in previous years were €398.9 million (2012) and €320.3 million (2013). Both care chemicals and consumer products are produced in a multi-stage value stream. The washing and cleaning products, detergents and body care products are marketed as merchandise or own-brand products by all major European retail companies. About 550 people were employed at the facilities in Duisburg, Genthin, Greven, Ibbenbüren and Düren. Under self-administration, the reorganization was continued and an international sales process was initiated. This was completed with transfer of reorganization to the buyer, saving almost 500 jobs.
Wölbern Fondsmanagement GmbH, Hamburg Local Court ( 67c IN 410/13 )
Appointment to the board as CRO and filing of the insolvency application in accordance with Section 270a of the Insolvency Ordinance. Stabilization of the business and examination of the fundamentals of an insolvency plan with debtor in possession during the initiation proceedings. Implementation of an Asset Deal. The appointment to the board of the self-administered fund management company was combined with appointments to the boards of the property funds. In spite of various insolvencies in the Wölbern Group, the property funds were consequently shielded from the crisis and their value stabilized. Against that background, a new structure for reporting to the debt capital providers was installed with the funds and investors.
Cinterion Wireless Modules Holding GmbH, Munich Local Court (1542 IN 981/10)
Assumption of responsibility for the management of the holding company as CRO following the filing of an insolvency application and avoidance of a fire sale. Realization of a sale price in excess of the value of debt capital. Termination of the insolvency proceedings as the reason for opening the proceedings no longer applied.
WGF Westfälische Grundbesitz und Finanzverwaltung AG, Düsseldorf Local Court (504 IN 269/12)
Appointment to the board as CRO and filing of insolvency application in accordance with Section 270 a, Insolvency Ordinance, development of an insolvency plan for the sustainable operational and financial rescue of the company. As a result of corporate bonds issued, bondholders have claims of about €200 million against the debtor; to a certain extent, these are secured by first-ranked charges on property.