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The creditors in the proceedings involving Bagel Bakery GmbH unanimously approved the insolvency plan submitted by the company. The plan was also confirmed by the Local Court of Halle (Saale). This means that it will now be possible for the debtor-in-possession proceedings to be terminated during the next few weeks.
The producer of American bakery products has been involved in such proceedings since last year. The company’s business operations have been continued without any restrictions since the application was filed. The insolvency monitor Dr Stephan Thiemann from PLUTA Rechtsanwalts GmbH is overseeing the proceedings in the interest of the creditors. The restructuring measures are being supported by the Berlin-based law and business consultancy Buchalik Brömmekamp.
The aim of the procedure is to implement restructuring measures in such areas as the production of the bakery products. Everybody concerned has been supporting the restructuring process, the customers and suppliers have remained loyal to the company and the employees have been pulling together with us. This is not a matter of course,” said the PLUTA attorney Dr Thiemann. The attorney Dr Hubertus Bartelheimer, who is responsible for this case at Buchalik Brömmekamp Rechtsanwaltsgesellschaft mbH, added that the measures identified would continue to be consistently implemented at Bagel Bakery.
In the past few weeks, the restructuring experts negotiated with all of the creditors. Now that the insolvency plan has been approved, the company can be preserved as a legal entity. The insolvency monitor Dr Thiemann said, “We are pleased about the unanimous approval of the insolvency plan by the creditors and that this has been confirmed by the court. This means that Bagel Bakery can look into the future with confidence.”
Bagel Bakery has a workforce of approximately 180 employees. The company’s headquarters are in Gutenborn in the federal state of Saxony-Anhalt. This is the place where the bagels, muffins, brownies and cookies are produced. The Local Court of Halle (Saale) had opened the debtor-in-possession proceedings for the assets of Bagel Bakery GmbH in July 2018.