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The two insolvency administrators Mr Holger Christian Buehler and Mr Peter Roeger from PLUTA Rechtsanwalts GmbH have succeeded in finding an investor for the companies Per4mance Industries GmbH & Co KG and Per4mance Besitz GmbH & Co KG. The business operations and the facilities of the insolvent specialist manufacturer of exhaust systems were sold to a competitor in the same sector. The restructuring process was thus implemented as part of an asset deal, which became effective on 3 April 2018. All ten employees still working at the company were kept on by the new owner.
Per4mance Industries, which is based in Weißenstadt in Upper Franconia, is a specialist manufacturer of exhaust systems for tuning vehicles. The company develops and manufactures exhaust systems from the catalytic converter and so-called downpipes, resulting in an improvement in car performance. In addition, the company also takes care of the acceptance and approval processes at the Technical Inspection Associations in order to renew the general operating permit once customers’ vehicles have been modified. Moreover, Per4mance Industries is also active as a supplier of well-known regional and supra-regional car tuners in Germany.
Mr Buehler was appointed as the insolvency administrator of the operating company Per4mance Industries GmbH & Co KG on 3 April 2018, while Mr Roeger has been entrusted with the same function for Per4mance Besitz GmbH & Co KG. The PLUTA restructuring experts were already acting as the provisional administrators of the two companies.
Per4mance Industries had to file for insolvency in February 2018 on account of a liquidity shortage. Since then, the full scope of business operations have been continued during the provisional proceedings. In parallel, Mr Buehler and Mr Roeger have been holding talks with several potential investors. This process has now been successfully concluded.
The business lawyer Mr Buehler explained, “We are delighted about the forward-looking solution for the company, which will also be of benefit to the staff.” His colleague, Mr Roeger, added, “The insolvency proceedings are going very well. We have achieved the best possible restructuring result by means of this asset transfer.”