Rostock, October 6, 2023: BRRS partner and lawyer Ulrich Rosenkranz, who has been appointed insolvency administrator for the assets of Deutsche Großwälzlager GmbH by Rostock Local Court, is handing over the company to the newly founded DGWL Deutsche Großwälzlager GmbH as part of a transferring restructuring.
Deutsche Großwälzlager GmbH had to file for insolvency at Rostock Local Court on December 12, 2022 after the former Russian majority shareholder failed to provide funds and orders from a major Ukrainian customer were canceled due to the war. The company thus became a victim of the Russian war of aggression against Ukraine and the restrictions imposed by the coronavirus.
All 30 jobs saved, new specialists sought
“Business operations will continue without restriction,” says Ulrich Rosenkranz. All employees without exception have been taken on by the new company, which has successfully managed the first few months after the transition and is now running at full steam in three-shift operation. The new owners have initially acquired the company completely without the support of banks or public funds and have already invested in the acquisition of another large production facility. The company is already looking for experienced CNC machinists for this.
Multi-stage transfer concept negotiated
The ideas of the banks and the public sector during the complex negotiations had initially made the transfer almost impossible. A multi-stage transfer concept with integrated interim financing negotiated between BRRS partner Ulrich Rosenkranz and the new shareholders gained the necessary time to create a stable solution based purely on equity.
According to the new management, the buyers are a group of German medium-sized companies – including STC Styr and the Kraemer Group from Rheda-Wiedenbrück – with the involvement of two former customers. This has enabled the future sales base to be consolidated and new product areas to be added to the company’s portfolio.