PLUTA expert Gutmann finds investors for Alfeld-based newspaper and advertising journal distributor

Restructuring expert Mr Torsten Gutmann from PLUTA Rechtsanwalts GmbH has succeeded in finding investors for D & O Werbe- und Vertriebsservice GmbH. Effective 1 August 2020, publisher Funke Mediengruppe will take over the operations of the distribution company in Osterode. The Alfeld site will also be sold to an investor from Hanover on 1 August 2020. The parties involved have agreed not to disclose the purchase price. The agreements reached mean that all jobs have thereby been saved.

The parties have already signed the purchase agreements, which are subject to the approval of the creditors’ assembly. At the last count, D & O Werbe- und Vertriebsservice GmbH employed 369 people. The buyer will keep on all 360 distribution staff employed at Osterode. These are mainly responsible for delivering various daily newspapers, such as the Harz Kurier. The company’s head office and a warehouse were located at its Alfeld site. The investor from Hanover will provide jobs to the nine people last employed there within a newly founded company, which will focus on the regional advertising market in the future.

Business operations maintained without restriction

The Local Court of Hildesheim opened insolvency proceedings for the newspaper and advertising journal distributor on 1 July 2020 and appointed PLUTA restructuring expert Mr Torsten Gutmann as insolvency administrator. He had previously acted as provisional administrator for the company. He and his team, which includes attorney Mr Günther Hahn and economist Mr Jürgen Schendel, have kept the business fully operational, with stricter hygiene measures in place, ever since the company filed for insolvency in May 2020.

Restructuring expert Mr Gutmann is pleased with the investor solution that has been achieved: “In spite of the difficult economic situation at this time, my team and I have been able to find suitable investors. We held several discussions with the interested parties and decided on the best possible solution following thorough examination. Customers and employees have actively supported us in this. We would also like to thank managing director Mr K. Andreas Steinkrauß, who has been very committed throughout this as well and has helped us to achieve this positive outcome.” The process of finding an investor was supported by management consultancy comes Unternehmensberatung GmbH & Co. KG.

Eckhard Deiters and Wolfgang Ott founded the Alfeld-based newspaper and advertising journal distributor in 1983. D & O Werbe- und Vertriebsservice GmbH had to file for insolvency in May 2020 due to liquidity problems.