Press Releases

The debtor-in-possession management team with Chief Restructuring Officer Mr Marcus Katholing and experts from PLUTA Rechtsanwalts GmbH under Mr Stefan Warmuth have achieved a 100% dividend for the eligible parties in respect of the C.F. Maier casting division. Helped by the exemplary engagement of the shareholders, this means that all claims have been satisfied.

The creditors of Gronau-based Alfred Reimer GmbH, a company specialising in the production of high-precision parts, have unanimously approved the restructuring plan submitted by management to the competent court, the Local Court of Münster. The plan has been prepared by management and Mr Markus Freitag, an attorney from law firm AndresPartner with extensive experience in restructuring projects, in consultation with the court-appointed insolvency monitor, attorney Dr Ria Brüninghoff from law firm PLUTA Rechtsanwalts GmbH.

K - Mail Order GmbH & Co. KG is to sell its BABISTA brand business to Vanderstorm Ventures GmbH & Co. KG effective 1 November 2023. The bid from Vanderstorm Ventures prevailed in the M&A process conducted by the debtor-in-possession management team. The purchase agreement was unanimously approved by the relevant bodies for the debtor-in-possession insolvency proceedings, especially the creditors’ committee appointed by the insolvency court, the Local Court of Karlsruhe.

Mr Hans-Günter Bayer, managing partner of FRIMO Innovative Technologies GmbH, and insolvency administrator Mr Stefan Meyer, a PLUTA partner, both had good news to announce: the investor will take on the vast majority of the employees under the solution agreed for the automotive supplier and is making decisive progress in negotiations with customers. Following the signing of the company acquisition agreement in June 2023, important requirements governing the agreement’s validity and implementation (‘closing conditions’) have been met in recent weeks. It is anticipated that all aspects of the transaction will be completed in full by late November 2023 or so.

The debtor-in-possession team has found an investor for e-cargo bike sharing provider sigo, a company with operations all across Germany. The newly established sigo green GmbH will acquire the business by way of an asset deal. All of the jobs have been saved. The parties have agreed not to disclose the purchase price of the transaction.

As part of insolvency administration for automotive supplier Allgaier, the PLUTA team has launched a process of finding an investor. On 1 September 2023, the Local Court of Göppingen opened the insolvency proceedings for the companies and appointed several PLUTA attorneys as insolvency administrators.

The Local Court of Munich opened debtor-in-possession proceedings for Sono Motors GmbH on 1 September 2023 as planned. The court has appointed Mr Ivo-Meinert Willrodt from PLUTA Rechtsanwalts GmbH as insolvency monitor. The business will continue operating as usual within the framework of the opened debtor-in-possession proceedings.

The management board of tubesolar AG, acting with the approval of the provisional insolvency administrator, has decided that the company will cease trading as of 31 August 2023. Despite numerous discussions and intensive negotiations in an effort to find an investor during the process of opening insolvency proceedings, no agreement could be reached with interested parties regarding the acquisition of tubesolar AG’s business operations or significant assets. Accordingly, Mr Georg Jakob Stemshorn from PLUTA Rechtsanwalts GmbH, in his capacity as provisional insolvency administrator, has felt compelled to approve the company’s closure in order to avoid a potential diminution of the insolvency estate.

Good news for sales of local food from the Nuremberg Metropolitan Region: Mr Patrick Meyerle from PLUTA Rechtsanwalts GmbH has achieved a solution for HofladenBOX in his capacity as insolvency administrator. An investor will acquire the business operations and the some 20 employees effective 1 August 2023 by way of an asset deal. This means that customers can continue to place orders online via HofladenBOX for the products of over 60 farmers, small businesses and direct producers based in the Nuremberg-Fürth-Erlangen region.

Despite considerable efforts, it has not been possible to find an investor for the KLiNGEL Group as a whole. The group will continue operating until late January 2024, after which the multichannel mail-order retail business will have to cease trading. This is the decision that has been taken by the creditors’ committee with the approval of the insolvency monitor, acting on the proposal of the debtor-in-possession team. The KLiNGEL Group has been involved in debtor-in-possession insolvency proceedings since May 2023. K - Mail Order GmbH & Co. KG is the group’s main company. The activities of SCHNEIDER GmbH & Co. KG are not affected by the winding down of the business.

ABL, a medium-sized manufacturer of electrotechnical products, can carry on with its restructuring as a debtor in possession as planned. The Local Court of Nuremberg opened debtor-in-possession insolvency proceedings today.

Mr Boris Haluszczynski, a registered trader (e. K.) and the owner of pharmacies Limes-Apotheke, Apotheke am ZOB, Apotheke im Reichsstädter Markt and Härtsfeld-Apotheke, has filed an application with the Local Court of Aalen for the opening of debtor-in-possession insolvency proceedings with the clear objective of ensuring long-term stability and maintaining a quality service for his customers.

On 15 August 2023, management at Erwin Gronemeier GmbH & Co. KG filed an application with the Local Court of Bielefeld for the opening of debtor-in-possession insolvency proceedings under section 270b of the German Insolvency Code (InsO) due to the company’s imminent illiquidity.

Restructuring expert Mr Ilkin Bananyarli from PLUTA Rechtsanwalts GmbH has succeeded in finding an investor for Mädchenflohmarkt GmbH, a well-known online shop offering second-hand clothes. Effective 1 August 2023, MFG Recommerce GmbH based in Berlin has acquired the business by way of an asset deal.

The company also has a subsidiary in Poland that is included in the transaction, but is not affected by the insolvency proceedings. The investor will keep the brand and Mädchenflohmarkt website going and take over the employees.

On 1 August 2023, the Local Court of Essen opened the in-court restructuring proceedings for druckpartner Druck- und Medienhaus GmbH as planned. This confirmed the approach being taken to preserve the business as well as debtor-in-possession management under the printing house’s managing directors Mr Michael Matschuck, Mr Dominik Schikfelder and Mr Marco Böke. Attorney Mr Christoph Chrobok from PLUTA Rechtsanwalts GmbH will also carry on his work as insolvency monitor. He will supervise the opened proceedings and management team in the interests of creditors, assist the company and continue to coordinate closely with the creditors’ representatives.

The Local Court of Karlsruhe opened debtor-in-possession insolvency proceedings for the KLiNGEL Group today. This means that the multichannel mail-order retailer can continue to pursue its restructuring and its digital transformation strategy.

Restructuring expert Mr Stefan Meyer from PLUTA Rechtsanwalts GmbH has found an investor for well-established company Steinkamp. Steinkamp GmbH Werkzeug- und Maschinenbau, newly founded by successful entrepreneur Mr Markus Lindenstruth from southern Germany and Mr Maik Supe based locally, will acquire the business operations and 108 employees with effect from 1 July 2023. The specialist attorney for insolvency and restructuring law and his team have thus achieved a long-term solution for the company from Espelkamp in the federal state of North Rhine-Westphalia roughly one-and-a-half years after it filed for insolvency. The company will continue to be based in Espelkamp for the foreseeable future.

Restructuring expert Mr Christian Heim from PLUTA Rechtsanwalts GmbH has achieved a solution for the Norderstedt site of Rudolf Dankwardt GmbH. Following intensive negotiations, the insolvency administrator has sold the manufacturing and filling facilities that make up the Norderstedt plant to Maurer Pharma Nord GmbH by way of an asset deal. The company is part of the Sebapharma Group, which is known in particular for its medical skincare and cleansing products under the sebamed brand. The relevant parties signed the purchase agreement with effect from 1 July 2023. This means that the site in the federal state of Schleswig-Holstein will continue to manufacture the familiar products with a pH value of 5.5 in the future.

Nursing and health care provider DIE DIAKONIE – Pflege- und Gesundheitsdienst gGmbH based in Lübbecke is engaged in debtor-in-possession restructuring proceedings. The Local Court of Bielefeld approved a corresponding application filed due to imminent illiquidity and ordered provisional debtor-in-possession proceedings.

As part of the provisional insolvency proceedings for ProLupin GmbH, Mr Michael Bohnhoff of PLUTA Rechtsanwalts GmbH has started the process of finding an investor. On 26 June 2023, the Local Court of Stralsund ordered provisional insolvency proceedings and appointed the attorney as provisional administrator.

tubesolar AG filed for insolvency today. Following this, the Local Court of Augsburg ordered provisional insolvency proceedings for the solar start-up’s assets. Mr Georg Jakob Stemshorn from PLUTA Rechtsanwalts GmbH has been appointed provisional insolvency administrator.

Five months since STOTZ Feinmesstechnik GmbH filed an application for restructuring under debtor-in-possession proceedings, a solution has now been found for the company. The PLUTA team under chief restructuring officer Mr Steffen Beck has managed to conclude an investor agreement. The BETESO Group will acquire the company’s equity interests within the framework of an insolvency plan solution. The relevant parties signed a corresponding investor agreement this week after the creditors’ committee cleared the way for the solution.

ABL, a medium-sized manufacturer of electrotechnical products, is committed to sustainably restructuring and transforming its activities with the aim of putting the business on a viable footing. To this end, management at ABL filed to initiate debtor-in-possession proceedings with the Local Court of Nuremberg on 26 June 2023. The company will be restructured over the coming months to ensure its long-term market success.

Major decisions aimed at securing the company’s future have been taken in the ongoing restructuring of GERRY WEBER. The manufacturer of women’s fashion will focus its future sales strategy on significantly strengthening its partnership with wholesale retailers while at the same time making considerable cuts to its own network of stores in Germany. This move has been preceded by intensive business analysis of every single one of the 171 self-owned domestic stores and outlets in its portfolio.

Mädchenflohmarkt GmbH, an online shop offering second-hand clothes, has filed for insolvency. On 7 June 2023, the Local Court of Stuttgart then ordered provisional insolvency administration for the company’s assets and appointed restructuring expert Mr Ilkin Bananyarli from PLUTA Rechtsanwalts GmbH as provisional administrator.

The Local Court of Göppingen today ordered provisional insolvency proceedings for the assets of the Allgaier Group’s operating companies and appointed several attorneys from PLUTA Rechtsanwalts GmbH as provisional administrators.

The Local Court of Göppingen has ordered provisional insolvency proceedings for the assets of Allgaier Werke GmbH based in Uhingen in the federal state of Baden-Württemberg. Mr Fritz Zanker from PLUTA Rechtsanwalts GmbH was appointed provisional administrator on 20 June 2023. The automotive supplier continues to operate.

Good news for the fashion scene in Frankfurt. Insolvency administrator Dr Stephan Laubereau from PLUTA Rechtsanwalts GmbH has sold the business operations of LSTNR GmbH to a Turkish company that has already been operating fashion stores and an online shop in Turkey under the WUNDER name since 2015. The relevant parties signed the purchase agreement in the past week, with retroactive effect from 1 June 2023.

e-cargo bike provider sigo, which operates all across Germany, is to position itself for the future under a debtor-in-possession restructuring process. The company filed a corresponding application, and the Local Court of Darmstadt approved the provisional debtor-in-possession proceedings on 12 June 2023.

Insolvency administrator Mr Stefan Meyer, a managing partner of PLUTA Rechtsanwalts GmbH, made a decisive step towards achieving an M&A solution for FRIMO Group on 2 June 2023, in cooperation with FRIMO staff and his own team. A comprehensive company purchase agreement was notarised in Düsseldorf last Friday with the buyer, FRIMO Innovative Technologies GmbH, and includes a number of closing conditions that the parties will work intensively on meeting over the coming weeks.