Professional soccer team VfR Aalen successfully concluded planned reorganization supported by Heuking: insolvency proceedings rescinded – VfR Aalen's debt written off – license for the 2017/2018 season in the 3rd division league issued
On June 23, 2017, the competent insolvency court in Aalen rescinded the insolvency proceedings on the assets of VfR Aalen (Verein für Rasenspiele 1921 e.V. Aalen).
Consequently, VfR Aalen's planned reorganization has been successfully concluded just four months after filing the application to initiate insolvency proceedings.
Since sufficient debt relief for the severely indebted association could not be achieved, VfR Aalen had filed the application to initiate insolvency proceedings on February 14, 2017. It selected the path of debt relief by means of planned insolvency, in order to maintain the operations of the professional soccer business. The insolvency court opened the insolvency proceedings on April 1, 2017 and appointed Dr. Holger Leichtle of Schultze & Braun as insolvency administrator. VfR Aalen, represented by Heuking Kühn Lüer Wojtek, and insolvency administrator Dr. Holger Leichtle of Schultze & Braun jointly submitted an insolvency plan. The creditors approved the insolvency plan in the debate and voting hearing, which was scheduled and held by Aalen Insolvency Court on May 5, 2017. VfR Aalen is now entirely debt-free.
From a sports point of view, the team has maintained its spot in the division after the planned reorganization. On June 9, 2017, VfR Aalen was issued the license for the upcoming season as expected.
"We would like to thank everyone who supported us in this difficult situation," VfR President Roland Vogt said. He stressed that collaboration during the insolvency phase was marked by great confidence and had contributed to the fact that the proceedings were lifted only three months after opening. "We are already looking forward to the 2017/2018 season. In particular, we would like to thank the creditors and our partners, who have signaled us at an early stage that they would keep loyal to the club in the coming season and to even increase their commitments in part. We were also able to further increase the number of members. This is a great vote of confidence for the work of all board representatives and employees," said VfR General Manager Holger Hadek.
Outside the insolvency proceedings and under the direction of the executive board, VfR Aalen will now be continuing to play in the 3rd division league.
About VfR Aalen:
VfR Aalen is a professional soccer team whose top men's squad has been playing in the 3rd division league of the German Soccer Federation (DFB) since the 2015/2016 season after it had been a second-division league team for three years prior. As of December 2016, VfR Aalen has 1,138 members and is a sports team that is rooted in the city, in the region, and in tradition.
Counsel to VfR Aalen
Heuking Kühn Lüer Wojtek:
Prof. Dr. Georg Streit (Lead)
Dr. Fabian Bürk
Dr. Stephan Degen, Tax Advisor, Maître en Droit
Kai Uwe Büchler, all Munich