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On 6 November 2017, the Local Court of Leipzig confirmed the insolvency plan submitted during the debtor-in-possession proceedings for the die casting company Sächsische Druckguß GmbH. The creditors had already approved the insolvency plan unanimously. It is planned to close the proceedings in the near future. Dr Stephan Thiemann from PLUTA Rechtsanwalts GmbH oversaw the proceedings in his role as insolvency monitor. The company was advised by the business law firm Buchalik Brömmekamp.
Sächsische Druckguß GmbH is based in Beucha near Leipzig. The die casting company’s business activities and production continued as usual during the debtor-in-possession proceedings. All the orders were completed in the quality that customers are used to. Almost all the jobs were preserved during the proceedings. Both customers and suppliers have remained loyal to the company.
“The unanimous approval by the creditors and the confirmation by the court underline our restructuring concept, which indicates the company’s course in the future. Everybody concerned gave us their trust during the proceedings and at the same time prepared the ground for the turnaround. My special thanks also go to the staff, who bore the double burden during the restructuring proceedings,” explained the managing director Mr Eduard Jahn.
“The confirmation of the insolvency plan has practically brought the debtor-in-possession proceedings to a successful end. This means that Sächsische Druckguß has been turned around and restructured in such a way that they are competitive once more,” said the restructuring expert Mr Nils Averbeck, who supported the company’s management team during the proceedings together with Dr Hubertus Bartelheimer. The restructuring approach primarily comprises the following three points: the sale and leaseback of plant and equipment to restructure the financial situation, the strengthening of the sales activities to broaden the customer base and the optimisation of the production process.
The insolvency monitor Dr Thiemann supported the company during the proceedings. The PLUTA attorney explained: “I am pleased that we managed to complete the debtor-in-possession proceedings successfully. The open and constructive collaboration between all the parties involved put its stamp on the proceedings. The order situation at Sächsische Druckguß is positive, which means that the company can look into the future with confidence.”
The die casting company had filed for debtor-in-possession proceedings with the Local Court of Leipzig in January 2017. The Local Court appreciated the company’s reasons and approved the application. The insolvency proceedings came to a close after only ten months.