Rescue by insolvency plan

Restructuring | Implementation

Reorganization in insolvency

Schmidt Anlagentechnik was a long-standing partner in plant construction and pipeline construction for the major steel manufacturers, especially in NRW. The experienced, long-standing workforce and good products were in demand from customers – but less frequently and at lower prices. The high cost pressure and increasing demands for flexibility on the part of customers could no longer be compensated and financial resources were exhausted. Other business areas had not been developed.

Further details

  • Construction volume: 200 to 300 million € p.a.
0 Months
Project term
0
Employees
Plant engineering
Industrial sector

Solution & result

Approach

It was no longer possible to reposition the company under its own steam. Therefore, an insolvency petition was filed in self-administration. As part of an insolvency plan procedure, internal restructuring tasks were carried out (outsourcing and staff reduction, termination of permanent debt relationships that were not (no longer) required) and an acquirer was sought who would not only bring in fresh capital but also new customers and areas of application. Close and trustful communication with the trustee, customers, employees/works council and the main creditor were among the key success factors.

Result/conclusion

After two months in the initiated proceedings, the identified measures were fully implemented and an insolvency plan was submitted. As part of a share deal, the business operations were sold to a strategic investor who, in addition to capital and administrative synergies, also brought new customers and areas of application. The future of the company as well as the jobs for the vast majority of the employees and last but not least an important supplier for the customers could be maintained.

»Wege entstehen dadurch, dass man sie geht.«

Franz Kafka

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