Initial Situation
Founded in 1999 and operating internationally, the company acquired the tile plant in Boizenburg from the insolvency proceedings prior to a takeover or winding-up of Boizenburg Gail Inax AG. Actually, this should have been a good initial position to make a fresh start. Thanks to considerable financial support — including aid from the state of Mecklenburg-West Pomerania — production was converted to high-quality products.
Seeking to generate revenue, the company neglected the specialist trade and instead supplied DIY stores at prices that did not cover costs — a classic mistake made by overly leveraged companies with management that is not competent in the field. When the house bank refused to grant any further loans, the company became insolvent.
The Insolvency Proceedings
Insolvency administrator Ulrich Rosenkranz continued to run the company for three years and posted annual revenue of €22 million. At the same time, he looked for a buyer while restructuring costs, processes, and personnel. He ultimately managed to find a buyer who took over all employees.
The Result
Continuation of business operations in insolvency
Sale
Retention of all jobs
Conclusion: 2020
