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Provisional insolvency administrator Mr Ingo Thurm from PLUTA Rechtsanwalts GmbH has launched a process to find an investor for Teccom Pharma based in Sarstedt, near Hanover.
On 14 September 2020, the Local Court of Hildesheim ordered provisional proceedings to be opened for the assets of Teccom Pharma GmbH and appointed PLUTA restructuring expert Mr Ingo Thurm as provisional insolvency administrator. The company had to file for insolvency due to liquidity problems and coronavirus-related sales and delivery issues. The 32 employees were already given an update on the latest situation during a meeting. Their salaries are guaranteed thanks to specific substitute benefits provided under German insolvency law.
Restructuring expert Mr Thurm has been able to gain a comprehensive overview of the company’s financial situation in recent days. Together with the experienced experts from M&A consultancy Saxenhammer & Co., he is now starting initial discussions with potential investors interested in acquiring the pharmaceutical wholesaler.
“The situation is challenging for all concerned. We have held good discussions with distributors. Staff are highly motivated. We aim to move quickly to find an investor,” said PLUTA attorney Mr Thurm.
Teccom Pharma GmbH has been in business for around 30 years. When founded in 1988, the family enterprise initially focused on consumer goods retailing. It has specialised for many years now in trading pharmaceuticals and related logistics. Its trained employees work in a some 1,500 m2 warehouse and logistics site in Sarstedt, a town located near Hanover in Lower Saxony.