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The Local Court of Neu-Ulm ordered provisional insolvency administration for the assets of AUGENSTEIN Maschinenbau GmbH, based in Günzburg, and appointed attorney Mr Florian Zistler, of PLUTA Rechtsanwalts GmbH, as provisional administrator on 6 August 2021. Filing for insolvency became inevitable for the well-known mechanical engineering company due to liquidity problems, resulting from a recent drop in orders and sales due to the effects of the coronavirus pandemic.
Provisional insolvency administrator Mr Zistler apprised the workforce of around 70 of the situation today. AUGENSTEIN, an owner-run, medium-sized family business, employs more than 45 people at its main site in Günzburg and nearly 25 in Oettersdorf (Thuringia), whose salaries are guaranteed for a period of three months thanks to specific substitute benefits provided under German insolvency law.
Together with his team, Mr Zistler is now in the process of gaining a detailed overview of the company’s financial situation. In addition, he will hold initial discussions with customers and suppliers together with the management team. The aim is to work out a viable solution for the future of the business.
PLUTA restructuring expert Mr Zistler said, “The business will remain fully operational, while meeting the prerequisite hygiene requirements. All orders will be fulfilled as planned. The company has an excellent reputation in the industry and highly qualified and motivated employees. This is a good starting basis.” The company is currently working on new product innovations, among other things.
AUGENSTEIN designs and produces automation solutions for various industries such as the automotive, chemical, food and logistics sectors. Its special machines, conveyors and labelling systems are used by customers in a wide variety of production processes. The company’s services range from planning, design, manufacture, assembly, commissioning and acceptance testing to maintaining and servicing the systems.