Respite for Neumayer Tekfor: Heuking Kühn Lüer Wojtek successfully petitions for umbrella proceeding under new insolvency law
Global automotive supplier Neumayer Tekfor recently filed for the umbrella proceeding in accordance with the amended insolvency statute in force since March 1, 2012. Heuking Kühn Lüer Wojtek provided legal advice to the company with a team comprising members from several offices, led by Munich-based partner Prof. Dr. Georg Streit. Dr. Jan Plathner of Brinkmann & Partner acts as insolvency trustee.
By accepting the umbrella proceeding, the insolvency court grants the company a maximum period of three months for drafting and submitting an insolvency plan. "It is a condition for the umbrella proceeding that the intended financial restructuring is not obviously futile and that there is no illiquidity at the time of the filing," Streit explained. Heuking Kühn Lüer Wojtek will advise the company on drafting the insolvency plan.
Neumayer Tekfor Group designs, develops and manufactures solutions for transmissions, engines, drivelines, special applications and safety fasteners. The 3,900-strong global workforce at Neumayer Tekfor generated sales exceeding EUR 500 million in 2011.
Heuking Kühn Lüer Wojtek's team is led by Prof. Dr. Georg Streit, Munich. Additional team members are Berlin-based partner Dr. Stefan Proske, lawyers Dr. Stephan Degen and Dr. Fabian Bürk, both from the Munich office, and Tobias Leege from the Chemnitz office (all Restructuring).