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GEWA 5 to 1 GmbH & Co. KG has filed for insolvency. Following the decision taken on 21 November, the Local Court of Esslingen has appointed Ilkin Bananyarli from PLUTA Rechtsanwalts GmbH as the provisional insolvency administrator.
GEWA 5 to 1 GmbH & Co. KG is a project company responsible for building the GEWA Tower in Fellbach near Stuttgart, the structural shell of which was completed in October. When completed, the 107-metre-high GEWA Tower should be the third highest residential block in Germany. The tower is planned to have 34 floors and 66 condominiums as well as a business hotel with 123 rooms. The company had issued an SME bond in 2014 to finance the project.
Currently, the provisional insolvency administrator Ilkin Bananyarli is in the process of obtaining an initial overview of the project company’s financial situation. The PLUTA restructuring expert said: “I will hold talks with everybody concerned as soon as possible and check the chances of continuing construction work on the GEWA Tower.”
The administrator has already received initial enquires from potentially interested parties today. He will also hold talks with these people in the near future. The administrator is aiming at finding a way to continue the construction project.
Ilkin Bananyarli has extensive experience in the area of insolvent real estate project companies. He was the insolvency administrator of several companies in the Stuttgart-based Häussler Group, which filed for insolvency in 2011.