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.
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.