Reorganization of Herbert Lange Group: Heuking Kühn Lüer Wojtek advises on company's realignment
The former General Manager of bankrupt Herbert Lange GmbH & Co. KG takes over all of the company's assets in a Management Buyout (MBO) through a newly established company by means of a mixed purchasing and lease contract with purchasing options. A team of commercial law firm Heuking Kühn Lüer Wojtek led by Dr. Johan Schneider, lawyer and partner at the Hamburg office, legally advised on the realignment of Herbert Lange Group as part of the ongoing bankruptcy proceedings and the associated MBO.
The newly established company will now combine the previously separate manufacturing and sales divisions. The acquisition price was not disclosed. As part of the reorganization, the product range has also been reduced to the more profitable products and private label REDI® has been strengthened. With the assistance of instruments of the bankruptcy proceedings under employment law, it was possible to take over 20 employees from the acquisition company. Currently, negotiations are held with strategic partners to participate in the reorganized company.
The renowned family-owned company, headquartered at Wittenborn, Schleswig-Holstein, has been manufacturing and selling mineral filler material and dry mortar since 1964. Particularly with the products of the HELAWIT and REDI® special building material lines, the company has succeeded in gaining a major regional market position. Filling materials are sold to customers in the processing industry, dry mortar to customers in the manufacturing industry and to wholesalers and retailers.
Counsel to Herbert Lange Group
Heuking Kühn Lüer Wojtek, Hamburg:
Dr. Johan Schneider (Lead / Reorganization / Corporate),
David Loszynski (Reorganization / Corporate),
Dr. Andreas Walle (Employment Law),
Dr. Julius Wedemeyer (M&A)