Restructuring under self-administration: Heuking supports Saurer Technologies
With a team led by Sandra Pfister, a partner at the Hamburg location, Heuking Kühn Lüer Wojtek is advising Saurer Technologies GmbH & Co. KG during its restructuring under self-administration. The textile machine builder and component manufacturer has found itself in financial difficulties due to joint liability arising from obligations within the Saurer Group. The managing directors Christof Böddeker, Anton Kehl and Alexander Wenger have, therefore, submitted an application — with the support of Heuking as authorized representative — for the order of (provisional) self-administration to the Local Court of Krefeld, which it approved with immediate effect. Saurer Technologies is using the self-administration process to eliminate the external causes of the situation.
The business operations of Saurer Technologies will continue without restrictions. In addition, Saurer Technologies has full order books and a profitable business. The existing management will remain in office in the self-administration process and will play a key role in the financial restructuring. The approximately 590 employees at the locations in Krefeld, Münster, Hammelburg and Kempten have been informed at employee meetings in detail about the procedure. The German Federal Employment Agency [Agentur für Arbeit] will take over the payment of the wages and salaries through the insolvency benefit for a maximum of three months. There are no plans to cut jobs.
During the self-administration process, Saurer Technologies will be operationally supported by the management consultancy firm Falkensteg from Düsseldorf. The process expert Tillmann Peeters will also support the management as a general representative. The Heuking team will provide legal advice during the self-administration. In the run-up to the application, the Heuking lawyers comprehensively advised Saurer Technologies with regard to questions of (Group) financing (including standstill agreements), issued employment law expert opinions, coordinated the team of local counsel involved in Hong Kong, the Netherlands, Switzerland and Austria and compiled the bankruptcy application together with Falkensteg.
Berater Saurer Technologies GmbH & Co. KG
Heuking Kühn Lüer Wojtek:
Sandra Pfister, LL.M. (University of Sydney) (lead, corporate finance), Hamburg
David Loszynski (restructuring), Hamburg
Dr. Martin Ströhmann, LL.M. (Chicago) (restructuring), Munich
Dr. Arnold Büssemaker, Licencié en droit (restructuring), Munich
Dr. Johan-Michel Menke, LL.M. (labor law), Hamburg
Dr. Stefan Jöster, LL.M. (insurance law), Cologne
Tillmann Peeters (partner, general representative)
Sebastian Wilde (partner)
Peter Carl (partner)
White & Case
Dr. Jan-Philipp Hoos (preliminary trustee, lawyer, partner)