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On 4 December 2020, the Local Court of Weilheim ordered provisional debtor-in-possession proceedings to be opened for EMT Ingenieurgesellschaft Dipl.-Ing. Hartmut Euer mbH’s assets, as requested, and appointed Mr Ivo-Meinert Willrodt from PLUTA Rechtsanwalts GmbH as provisional insolvency monitor. Dr Oliver Liersch from law firm Brinkmann.Weinkauf will support the company during the restructuring process as general agent.
EMT has been a leading manufacturer of reconnaissance drones for more than 40 years, mainly for military use. Its customers include the German Armed Forces and foreign nations. The company is also engaged in a project with the city of Penzberg to provide this technology to emergency services.
Filing for insolvency became inevitable for the company due to liquidity problems. Planned deliveries could not be made because of an embargo imposed on a customer, leading to a significant loss in revenue. Moreover, recent delays in the completion of order documentation resulted in further liquidity gaps.
Negotiations with the customers involved ultimately failed, which left the company with no choice but to file for debtor-in-possession proceedings. These will allow for the successful restructuring of the company, the continuation of business operations and the preservation of jobs.
The company employs around 210 people at its sites in Penzberg, Iffeldorf, Abenberg and Osterrönfeld. The employees’ salaries are guaranteed until the end of February 2021 thanks to specific substitute benefits provided under German insolvency law. This gives the company time to hold the negotiations needed to restore itself to financial good health.
EMT managing director, Mr Thomas Heinze, has expressed his regret that it has been necessary to file for debtor-in-possession proceedings but is optimistic that these can be successfully used to put the business on a viable footing.
PLUTA attorney Mr Ivo-Meinert Willrodt will be supported during the proceedings by attorney and business management expert Mr Wolfgang Bernhardt.