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E.V.G. – Ein- und Verkaufsgenossenschaft eG filed for debtor-in-possession proceedings with the Local Court of Memmingen two days ago. This step became inevitable due to a cash shortage.
During the debtor-in-possession proceedings, the company will undergo a comprehensive restructuring process, which will be supported by the experienced restructuring and management expert Ms. Martina Hengartner from PLUTA Rechtsanwalts GmbH. The goal is to preserve the cooperative on a long-term basis. The pre-financing of the so-called insolvency substitute benefits will be arranged during the restructuring process. The salaries of the 244 employees are secure for a period of three months thanks to these benefits.
Ms. Hengartner explains: “The prospects for successful restructuring are good. As usual, the customers and members of the cooperative can rely on the quality of the goods. The debtor-in-possession proceedings give us the chance to restructure the cooperative in such a way that it has a viable future. One can feel that all those involved are prepared to look forward.”
The director Mr. Markus Huber adds: “I am delighted that everybody concerned is doing their utmost to support the restructuring course we have set. The management team is supported by a strong workforce, which leaves me optimistic for the future.”
The Local Court of Memmingen appointed the attorney Dr. Thomas Karg from the Memmingen-based law firm Dr. Karg Puhlmann & Kollegen as the provisional insolvency monitor to manage and oversee the proceedings. In addition to Ms. Hengartner, the PLUTA team leaded by Dr. Maximilian Pluta also includes Mr. Andreas Hummel, a graduate in Business Administration, and the attorney Florian Zistler.