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Mannheim, Germany, 12 June 2017. The Laudenbach-based company Awetis GmbH, a specialist in production technology, has sold its subsidiary awetis systems GmbH & Co. KG to the internationally operating Freudenberg Group. The parties have agreed to maintain confidentiality on the purchase price. All eight employees will be kept on by the buyer. This means that Awetis GmbH, which since April has been going through a restructuring process as part of debtor-in-possession proceedings, can now announce its first success.
Jochen Glück, a business administration expert from PLUTA Management GmbH, has been working at Awetis as the Chief Restructuring Officer (CRO) since April. The restructuring expert explained: “We are delighted about the successful sale. Well-managed debtor-in-possession proceedings are an ideal instrument for crisis-stricken companies. Not only does the company benefit from this, but also the staff and in particular the creditors, who can expect a high recovery rate.” The restructuring expert expects a recovery rate of probably more than 50% for the creditors – this is much higher than the average.
The provisional insolvency monitor Tobias Wahl from the law firm anchor Rechtsanwälte commented: “The debtor-in-possession proceedings are going very well for Awetis. The sale shows that, with the help from an experienced CRO, such restructuring successes are possible, and everybody concerned benefits as a result.”
In April, Awetis applied for debtor-in-possession proceedings, and the Local Court of Mannheim agreed to this application. In this context, the company appointed Jochen Glück to the board of directors. The company is well positioned with their product segments of automation, tool making and production-related IT. Awetis GmbH was formed in 2010 after being spun off from the Freudenberg Group.
“Our business operations are continuing and the restructuring process is making good progress. Furthermore, we are currently holding promising talks with several investors,” said Jochen Glück. The search for an investor is expected to be completed successfully in the next few months.
The PLUTA team is headed by Dr Maximilian Pluta, who is also a managing director and the head of the restructuring department at PLUTA. Apart from Jochen Glück, managing director of PLUTA Management GmbH, the team also includes the business administration expert Andreas Hummel and the attorney Rainer Bachert.
Information on the proceedings
Debtor-in-possession proceedings are in-court restructuring proceedings to save crisis-stricken companies. The company is allowed to manage and overcome the crisis itself, supervised by an insolvency monitor and generally supported by restructuring experts with relevant experience in this field. The preliminary proceedings, that last between 2 and 3 months, are followed by the main proceedings, in the course of which the creditors can file their claims.