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The restructuring approach taken to date for KEHAG Energiehandel GmbH is to be continued. The Local Court of Oldenburg opened in-court restructuring proceedings for the energy trading company on 1 April 2022 as planned. The company will remain under debtor-in-possession management and creditors will soon be able to file their claims.
The court has appointed Professor Dr Gerrit Hölzle from GÖRG Insolvenzverwaltung GbR based in Bremen as insolvency monitor. He had previously acted as provisional insolvency monitor and will represent the interests of creditors while monitoring the proceedings. Dr Christian Kaufmann from PLUTA Rechtsanwalts GmbH in Oldenburg and Mr Raik Müller from Rödl GmbH Rechtsanwaltsgesellschaft Steuerberatungsgesellschaft have been engaged as chief restructuring officers and will continue the energy trading company’s restructuring together with managing director Mr Jan Kästner.
Restructuring continues – work on insolvency plan
Now that the proceedings have been opened, considerable progress is being made in restructuring the company based in Oldenburg. “The opening of the proceedings is an important step in the restructuring process. We are currently working on an insolvency plan for KEHAG. We intend to secure the company’s preservation and a settlement with the creditors within the framework of this restructuring option. With such a solution, proceedings can generally be brought to an end quickly and efficiently,” explained PLUTA restructuring expert Dr Kaufmann.
Profitable business areas to be retained
The aim of the restructuring expert is to use an insolvency plan to retain the profitable business areas, namely the power purchase agreement (PPA) and services units. KEHAG employees there are responsible for marketing the energy from wind turbines and photovoltaic systems. Operators can then continue to run their systems profitably even once they are no longer eligible for the EEG (renewable energy) surcharge. “This is a major core business of KEHAG and these units are profitable,” said chief restructuring officer Mr Müller.
“There have been constructive discussions with all stakeholders in recent weeks. The court has confirmed the proceedings. We will soon begin asking creditors to file their claims and expect several thousand to do so,” said insolvency monitor Professor Dr Hölzle.
The team already has gained extensive experience in the energy sector. Insolvency monitor Professor Hölzle was involved in the insolvency proceedings for wind turbine manufacturer Senvion, to name one example. The restructuring experts at PLUTA have already supported several proceedings for insolvent energy and electricity trading companies, such as DEGIA Berlin GmbH (formerly DEG Deutsche Energie GmbH) and the EnerGen Süd energy cooperative.
KEHAG Energiehandel GmbH, which is part of the KEHAG Group, supplied electricity and natural gas to commercial and industrial customers. The other group companies are not affected by the application for insolvency. Supplies to customers had already been suspended before the application was filed.
PLUTA Rechtsanwalts GmbH: Dr Christian Kaufmann, Mr Jürgen Schendel and Mr André Gildehaus
Rödl GmbH Rechtsanwaltsgesellschaft Steuerberatungsgesellschaft: Mr Raik Müller, Ms Linette Mirza Khanian, Mr Vincenzo Di Vincenzo and Mr Jasper Brink