Peiner Umformtechnik: insolvency proceedings opened – restructuring under self-administration

Peine, 2nd July 2018. The district court of Gifhorn opened insolvency proceedings over the assets of Peiner Umformtechnik GmbH and Peiner Services GmbH (Az. 35 IN 45/18 and. 35 IN 46/18 respectively) and ordered the continuation of self-administration. As with the preliminary proceeding, senior management is continuing in its capacity to ensure ongoing business operations. The court has appointed restructuring expert Manuel Sack from the firm Brinkmann & Partner as trustee to supervise the management. General representative is Dr. Alexander Hoefpner from the firm BBL Bernsau Brockdorff & Partner supporting the company’s self administration with his expert knowledge in insolvency law.

In the now completed insolvency application proceeding, the management and works council have worked intensively on a restructuring of the company in order to achieve cost-covering production. Dr. Thomas Dückers, who has been the new managing director of the company since the insolvency application, states: “We have redesigned Peiner Umformtechnik and see production and sales as the pillars that sustain the company. Optimum batch sizes, minimal setting up of tools, a continuous production process with low downtimes and sales that synchronize customer needs with production are what distinguish us today”.

The current financial “black zero” was also achieved by 35 employees leaving the company. The management and works council have signed documents outlining a social plan and reconciliation of interests. The workforce has made a considerable contribution to ensuring viability of the company. In future, 227 people will work for Peiner Umformtechnik and Peiner Services. The latter provides administrative services.

Uwe Simon, Chairman of the Works Council, explains: “Even if every single dismissal hurts, we have done everything in our power to position Peiner Umformtechnik and Peiner Services for the future”.

Numerous expressions of interest have already been received as part of the ongoing investor process. The talks are continuing.

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Corduroy Schellenberg
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