Insolvency proceedings under self-administration enable sustainable reorganization – Business continues uninterrupted – Suppliers and customers remain loyal to the company -Search for suitable investor under way
Hamburg, 06.11.2017. Fisch Hagenah GmbH strives to achieve a sustainable reorganization. The company’s application for insolvency proceedings under self-administration has been approved by the district court of Reinbek and clears the way for a sustainable restructuring of the company.
The management, which continues business operations uninterrupted, has already initiated the first restructuring measures. Throughout the process, it is supported in all insolvency law issues by the restructuring consultants attorney-at-law Justus von Buchwaldt and attorney-at-law Dr. Rouven Quick from the nationwide operating law firm BBL Bernsau Brockdorff. “The goal is the preservation and sustainable restructuring of Hagenah,” explains von Buchwaldt. He assesses the situation positively: “The company has a long history, is established on the market and enjoys a good reputation. This is becoming evident now, as customers and suppliers remain loyal to Hagenah during the restructuring phase.” Quick adds: “Most of the employees have been with Hagenah for many years and are very committed to the company”. Correspondingly the employees are highly motivated and fully support the restructuring process. Currently around 100 employees work for the company. All of them receive insolvency payments for the months of October to December. The payment for October has already been made.
Concurrently to the restructuring measures, the management and the BBL team have initiated the search for a suitable investor. “The ideal candidate would be a buyer who has a good knowledge of the industry and can sensibly complement and expand his own portfolio with Hagenah,” said von Buchwaldt.
Procedures under self-administration only with a positive restructuring perspective
Despite an insolvency two years ago, the company still has structural problems. The insolvency under self-administration now provides the management with the opportunity to take the necessary steps for sustainable restructuring.
The court will only agree to such proceedings if the company has a realistic chance of sustainable restructuring. The self-administration enables the Hagenah management to carry out the restructuring process independently. The sole power of administration and disposal remains with the company. As the preliminary administrator and thus ‘extended arm’ of the insolvency court, lawyer Peter-Alexander Borchardt of the insolvency law firm Reimer Rechtsanwälte initiated the proceedings.
About Fisch Hagenah GmbH:
Fisch Hagenah GmbH (“Die Fischwerker”), headquartered in Ahrensburg, can look back on a more than 100 year long tradition of processing and selling fresh fisch and fisch products, starting in 1892. Today Hagenah has a wholesale and retail business as well as a bistro in Hamburg. Processing ranges from filleting and smoking to the production of a wide variety of fisch salads. Its customers include wholesalers and retailers, larger restaurants such as canteens and retirement homes, as well as restaurants and hotels in the Hamburg area.
More information: www.hagenah.com
BBL is one of the leading law firms with a sole focus on reorganisation, restructuring and insolvency. The firm has extensive experience in complex restructuring projects both within and outside insolvency proceedings. More than 50 lawyers work at BBL nationwide in Germany and also in London.
More information: www.bbl-law.de
About Reimer Rechtsanwälte
Reimer Rechtsanwälte is a law firm specialising in insolvency and commercial law with over 70 employees in Hamburg, Frankfurt, Kiel, Hanover, Flensburg, Lübeck and Rostock. With nine insolvency administrators and more than 20 lawyers, Reimer is active in insolvency administration as well as reorganization and restructuring consulting. The firm is one of Germany’s leading administrative law firms.
More information: www.reimer-rae.de
Contact for the media:
Dr. Constanze Baumgart
Guttmann Law Communications
Tel: +49 221 3596405