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As part of the debtor-in-possession proceedings for EITEL GmbH & Co. KG, the restructuring expert Stephan Ammann succeeded in finding a buyer for the Weiden branch: MGS Motor Gruppe Sticht GmbH & Co. KG headquartered in Bayreuth.
All 15 members of staff remaining at the branch will be kept on. The buyer already has a branch in Weiden and is planning to combine the two operations in the medium term. Then again, all the jobs are expected to be saved. It has not yet been finally decided whether the service and dealer agreements with Toyota will also be transferred to the buyer.
Helmut Sticht, Managing Director of MGS, explains: “This acquisition helps us to continue our growth. EITEL’s employees have a lot of know-how which they can contribute to our group.”
“I am delighted that we have succeeded in finding a feasible long-term solution for the Weiden branch. We have found a good solution for both the branch and the staff in the face of extremely difficult market conditions,” says Ammann, who has supported the process of finding an investor since January 2015, in his role as Managing Director at EITEL. Talks with several potential buyers had previously been held.
The chances of finding an investor are varied for the individual branches of EITEL. While some branches will have to be shut down, others also have good prospects. “We will continue to leave no stone unturned in our attempts to ensure that as many branches as possible will have good prospects of a successful future,” adds Ammann.
Founded in 1980, EITEL is an authorised car dealer, mainly for Toyota, but also for Citroën, Honda and Hyundai.
Information on the proceedings
Debtor-in-possession management is a special type of proceedings which aim at restructuring companies in crisis situations. It involves insolvency proceedings without an insolvency administrator, where the previous managers are allowed to steer the company through the crisis themselves, supervised by a custodian and generally supported by a restructuring expert with relevant experience in this field. The first steps are preliminary proceedings of typically two to three months, in which the court and the creditors may examine if this form is justified. In the trial proceedings which then follow, there is no longer any deadline.
Founded in 1980, EITEL GmbH & Co. KG operates sites in the German federal states of Bavaria, Thuringia and Baden-Württemberg. EITEL is an authorised car dealer, mainly for Toyota, but also for Citroën, Honda and Hyundai. The company offers extensive services and a wide range of new, used, ex-demonstration and one year old cars.
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