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Mr Markus Küthe of Kluth Rechtsanwälte, Chief Restructuring Officer in the debtor-in-possession proceedings, has concluded a purchase agreement with Kaufland for the Dormacenter shopping centre in Dormagen on behalf of REII - Development AG, the centre’s insolvent owner and operator.
“We have searched for and found an investor with an innovative concept. The purchase agreement negotiations were approached in a very targeted and constructive spirit,” said Mr Küthe, commenting on the conclusion of the agreement.
“With the most stores of any full-range retailer in Germany, Kaufland is a reliable partner and attractive employer,” explained Mr Küthe. “We have rigorously pursued our discussions, not least with a view to the city’s development interests. We expect the city to strongly support this project and the city centre to be further boosted by the retailer’s food offerings and, especially, products for everyday needs.”
The insolvency monitor appointed by the Local Court of Düsseldorf, attorney Mr Michael Bremen of PLUTA Rechtsanwalts GmbH from Düsseldorf, added: “The offer from Kaufland was clearly the best in terms of the interests of creditors as a whole. We will present the offer to the creditors’ assembly. After all, it would allow all of the creditors’ legitimate claims to be satisfied.”
As chief restructuring officer, Mr Küthe filed an application to open debtor-in-possession insolvency proceedings in mid-September 2019 for the owner and operator of the multi-faceted shopping centre, which comprises a specialist retail centre, restaurant business and multiplex cinema on a total usable floor space of more than 10,000 square metres, as well as an underground car park.
The Local Court of Düsseldorf approved his application, opened insolvency proceedings effective 1 December 2019 and appointed the attorney Mr Michael Bremen as insolvency monitor.