Goerlich Kunststofftechnik GmbH, based in Kesselsdorf by Dresden, yesterday filed an application with Dresden District Court for the initiation of protective shield proceedings (‘Schutzschildverfahren’) and is commencing restructuring measures under self-administration. Revenue losses attributable to COVID-19, coupled with an already challenging market situation in the automobile sector, left the company on the brink of illiquidity. The shareholders and external investors have signalled their readiness to provide financial support for the implementation of restructuring measures in the course of an insolvency plan.
Experienced restructuring specialist and insolvency administrator Jochen Sedlitz will be overseeing the proceedings. The District Court appointed Bettina Schmudde, a lawyer at White & Case in Dresden, as preliminary insolvency monitor.
The company, which was founded in 1978, specialises in high-precision injection moulding of plastic parts for customers in the automobile, telecommunications and electronics industries. Goerlich currently employs around 70 employees. In 2019, it generated sales revenue of around Euro 10 million.
Employee salaries will be pre-financed for the next three months by the Federal Employment Agency, simultaneously upholding the readiness for delivery on the supplier side. In order to revive the company as quickly as possible, in addition to the implementation of the restructuring plan, the search for potential investors is also underway. Based on the restructuring concept implemented over the last few months, Jochen Sedlitz is confident that the conditions are very good for a successful restructuring.
Menold Bezler supported Goerlich Kunststofftechnik GmbH prior to the proceedings with a restructuring team headed by Dr. Jasmin Urlaub and Dr. Frank Schäffler and will continue to provide legal advice and support throughout the restructuring process.
Advisors to Goerlich Kunststofftechnik GmbH:
Menold Bezler (Stuttgart): Dr. Frank Schäffler (partner), Dr. Jasmin Urlaub (partner), Dr. Ulrich Lägler (all reorganisation / restructuring), Sebastian Schottmüller (insolvency administration / self-administration)
Fully authorised representative for the self-administration: Jochen Sedlitz, Menold Bezler
bachert&partner (Frankfurt): Helge Hoffmann (business consultant)
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