PLUTA attorney Dr Kaufmann pays first dividend of 52.6% to creditors of forwarder W & F Franke

Good news for creditors of W & F Franke Schwerlast Internationale Spedition GmbH from Bremen: insolvency administrator Dr Christian Kaufmann from PLUTA Rechtsanwalts GmbH has been able to distribute an initial dividend of 52.6%. Approximately 1.87 million euros have been paid out. Dr Kaufmann expects an overall insolvency dividend of at least 80% in the proceedings.

PLUTA restructuring expert Dr Kaufmann explained, “All involved can be very satisfied with an initial dividend distribution of more than 50%. Given the successful continuation of the business and the investor solution found, we have achieved good outcomes in the proceedings that are now reflected in the high dividend.” Dr Kaufmann has been supported in the proceedings by a PLUTA team including attorney Mr André Gildehaus and business management experts Mr Jürgen Schendel and Mr Stefan Ordowski.

W & F Franke had specialised in transporting oversized and very heavy goods as well as truck transports. The forwarder had to file for insolvency in July 2019. The Local Court of Bremen appointed PLUTA expert Dr Kaufmann as provisional and, subsequently, final insolvency administrator. The restructuring expert kept the forwarding business fully operational during the provisional proceedings and was able to transfer the business to a subsidiary of Blanke Management GmbH, based in Bremen and owned by multi-entrepreneur Kurt Zech, when the insolvency proceedings were opened. Over 90% of the employees have retained their jobs.