Stanz- und Presswerk Lindner GmbH & Co. KG

Reorganizational measures put company back in the black during proceedings

Declining revenues and dependence on key customers from the automotive industry and power plant technology lead to an imbalance that results in insolvency because of inadequate financial controlling and high cost pressure.

Insolvency Administrator

Jutta Rüdlin

BRRS Office

Melsungen

Local Court

Kassel

Proceedings

Standard Insolvency Proceedings

Key Facts

Metalworking, locations in Kassel and Niestetal

Result

Preservation of all jobs

Period

Start: 2018

Initial situation

At the time of filing for bankruptcy, the owner-managed company with locations in Kassel and Niestetal had been active on the market as a full-range provider of sheet metal processing, welded assemblies, and stamped and bent parts for more than 60 years. The primary customers were from the automotive industry, power plant technology, household technology, and consumer electronics.

Significant declines in revenues and the dependence on key customers from the automotive industry and power plant technology — sectors that have been in decline for years — inadequate financial controlling, and substantial cost pressure forced the management to file for bankruptcy at the end of September 2017.

The insolvency proceedings

BRRS partner Jutta Rüdlin maintained business operations without any restrictions for three months during the preliminary as well as later during the main proceedings, supported by the experienced production manager of sy.con GmbH, Ralf Oppel (Dipl.-Ing.), whom the (preliminary) insolvency administrator was able to recruit as technical manager for operations. Following a comprehensive analysis of the company, reorganization measures were initiated; their success had put the company back in the black by the time the proceedings were opened. The necessary measures and steps were comprehensively discussed and agreed with the company’s works council and with the provisional creditors’ committee. The cooperation proved to be highly effective and was characterized by transparency and openness.

Operations were also continued after the opening of proceedings until the business could ultimately be transferred to LSK Stanz- und Presswerk Lindner GmbH by means of a transferring reorganization on July 31, 2018. The insolvency administrator Jutta Rüdlin was supported by Jonas Eckhardt, partner at FalkenSteg GmbH, and Florian Weingärtner, director at FalkenSteg GmbH from Munich, during the investor process, in which a total of 125 potential interested parties were addressed.