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The restructuring experts from CONSABIS GmbH and PLUTA Rechtsanwalts GmbH have found a long-term solution for pbp Preissinger GmbH & Co. KG together with the company’s management team. With effect from 16 August 2016, TEFELEN GmbH took over the business operations, which means that the company is being restructured by way of an asset transfer. All the jobs are saved. Business operations will be continued without any interruptions. The intention is to retain “Preissinger” in the company’s future name.
Beforehand, there was a comprehensive restructuring process, taking the form of optimising processes, strengthening distribution as well as cutting costs and reducing inventory. During the debtor-in-possession proceedings, existing customers were successfully retained and new orders were generated.
The restructuring managers involved were Mr Markus Urrutia from CONSABIS and Mr Peter Roeger together with Mr Ludwig Stern from PLUTA. In his capacity as insolvency monitor, Mr Robert Wartenberg from the law firm Raab & Kollegen oversaw the debtor-in-possession proceedings. Specialists from Concentro Management AG supported the M&A process.
“I am delighted that together we have succeeded in ensuring feasible future prospects within a short space of time. My thanks go to the staff, who pulled together with us. The same applies to all the customers and suppliers who remained loyal to the company and, by doing so, made a decisive contribution to the positive development,” commented the restructuring manager Markus Urrutia from CONSABIS. “Carrying out the debtor-in-possession proceedings enabled a restructuring process compatible with the market and created the basis for the successful asset deal,” added the restructuring expert Peter Roeger.
The Local Court of Bamberg confirmed the company’s application for debtor-in-possession proceedings filed in April 2016 at the beginning of July and opened the main proceedings. It was possible to maintain business operations without any restrictions throughout the entire proceedings.
pbp Preissinger is a highly specialised company for developing and designing in the area of electrical engineering. The company was founded as early as 1985. Amongst other services, the company is a one-stop provider of busbar systems and caters for all areas of busbar applications. The enterprise has many years of experience and extensive specialist knowledge. pbp Preissinger is well known in this sector all over the world for its high quality standards and for its flexibility when it comes to develop customised system solutions.