Insolvency administrator is positive about restructuring and continuation of the company – Pre-financing through insolvency funds secures wages and salaries – business operations continue uninterrupted
Dessau/Roßlau, 10.07.2017 The Euro-Bike Produktionsgesellschaft mbh with headquarters in Zerbst has filed for insolvency proceedings. The District Court of Dessau/Roßlau appointed attorney-at-law Dr. Christian Heintze of the nationwide operating law firm BBL Bernsau Brockdorff as preliminary insolvency administrator.
Heintze and his team have been on site since Friday and are currently gaining an overview of the economic situation of the company, which specialises in the individual assembly of bicycles. Business operations continue uninterrupted. As one of the first measures, Heintze secured the continued payment of wages for the 32 employees.
“My goal is to restructure the company and support its continuation,” he explains. Euro-Bike enjoys a very good reputation and carries out assembly orders for a large number of bicycle manufacturers throughout Germany, including the Schindelhauer, Rothwild, Coboc and Nikolai brands. The management and preliminary insolvency administrator are already holding talks with new clients and potential investors. The assembly of bicycles is subject to strong seasonal fluctuations. Currently the bicycle manufacturers are in the planning phase for the awarding of the contract for the new season which begins in September 2017.
The Euro-Bike production company found itself in an economic crisis when one of its main customers surprisingly cancelled a long-term assembly order . Instead, the client decided to carry out the assembly in-house. In addition, there is a challenging market environment. The production and sales of bicycles have been declining for years. Against this trend, only the sales of eBikes are increasing.
BBL is one of the leading German law firms with excellent connections, focusing solely on special situations – restructuring, rehabilitation and insolvency. We have significant experience in drawing up and implementing complex restructuring concepts within and outside the scope of insolvency proceedings. More than 50 lawyers are present in Germany and in London.
Further information: www.bbl-law.de
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