Heuking advises ARWE Group on restructuring under own administration
On March 16, 2020, several ARWE Group companies filed for insolvency. On March 17, 2020, Augsburg Local Court ordered provisional self-administration for ARWE Holding GmbH, arwe Automotive Service GmbH, arwe CarRental Service GmbH, and arwe Mobility Service GmbH in accordance with the application and appointed lawyer Dr. Paul Abel, anchor Rechtsanwälte, as provisional administrator. Dr. Stefan Proske, Lawyer and Partner at Heuking Kühn Lüer Wojtek, advises ARWE Group on filing for insolvency and in relation to the self-administration.
No insolvency applications were filed in respect of CAR24 GmbH or ARWE Group’s European subsidiaries.
ARWE has been one of the leading service providers in professional vehicle preparation, maintenance, and logistics for 45 years. With over 4,000 employees, the company renders its services at more than 500 sites in Europe. ARWE processes over three million vehicles annually and performs over 300,000 vehicle reconditioning operations.
The difficult economic situation in the company’s core markets that has been on the horizon for quite some time has now taken on dimensions that no longer allow the company to continue its business on a sound financial basis due to the effects of the coronavirus. ARWE’s business operations will, however, continue in unrestricted form. Wages and salaries are secured by insolvency funds of the Federal Employment Agency at least until the end of April 2020.
Counsel to ARWE Group
Heuking Kühn Lüer Wojtek:
Dr. Stefan Proske (Restructuring, Lead), Berlin
Dr. Daniel Becker, LL.M. (University of Stellenbosch) (Restructuring), Berlin
Restrukturierungspartner RSP GmbH & Co. KG:
Dr. Stefan Weniger