Black tool shop
Prussian Oldendorf (ots)
The continuation solution in the judicial restructuring proceedings of the medium-sized automotive supplier Heinz Schwarz GmbH & Co. KG has now also been formally successfully completed: After the purchase contract was signed with the investor on November 11, 2022, the last obstacles have been removed and all the conditions for the Transfer of the company to the investor fulfilled. The takeover is thus legally effective and the business operations of Schwarz Werkzeugbau will be transferred to the Kesseböhmer Group retrospectively as of October 1, 2022. “After the creditors’ meeting before the district court of Bielefeld had unanimously approved the purchase contract, all those involved are now all the more relieved and pleased about its entry into force. The fact that the continued existence of Schwarz Werkzeugbau could finally be implemented this year was only due to everyone’s pragmatism and willingness to find a solution pages possible. My special thanks go to the investor Oliver Kesseböhmer, the (main) customers and banks involved and last but not least the management and the highly motivated employees, without whom this successful implementation would not have been possible,” sums up the attorney-at-law Stefan Meyer from PLUTA Attorney GmbH.
“It’s going full steam ahead”
“‘At Schwarz Werkzeugbau it goes on!’ – that is the sentence of the day for us. A turbulent year, which was not easy for all of us, is still a successful conclusion. Our employees, customers and partners can start with the reassuring news that things will continue in the well-deserved Christmas season. I would like to thank everyone very much for their loyalty, their perseverance and their confidence. Together we can now start the new year with full force again,” says Diedrich Diedrichsen, who, as Managing Director of the continuation company, will also manage the company after the takeover . There are also no changes to the location, customer orders and the name “Schwarz Werkzeugbau”. But the investor is also a constant for the traditional toolmaker: The Kesseböhmer Group was and is a long-standing partner in the company; Due to the now implemented even stronger anchoring in the Kesseböhmer group of companies, there are additional strategic options and synergies for Schwarz Werkzeugbau.
In his work, Schwarz Werkzeugbau will continue to concentrate on the automotive business, but will put even more focus on the series business and will only carry out pure toolmaking if reasonable prices can be agreed with customers in the automotive industry. As a result, tool making at Schwarz will continue to be an important mainstay in the manufacture of large-volume tools for the outer shell of vehicles. This area is not affected by the current mobility revolution, electrification; unlike the drive train, for example, which has never played an important role at Schwarz Werkzeugbau. The area of series production, in particular the production of parts for small series, is to be significantly expanded in the next few years. Various negotiations are underway here with customers, which give us reason to be optimistic about future developments.
Self-administration brought quick results
“The speed with which the solution for Schwarz Werkzeugbau was found as part of the self-administration and can now come into effect was decisive for the continuation of the company. Because a plannable new business for 2023 was only possible because the customer still had a safe solution could be presented – the first new inquiries for long-term projects have already been received. This is a development that makes us all very happy,” says lawyer Thomas Ellrich from the law firm VOIGT SALUS. Attorney Thomas Ellrich, along with his Leipzig partner Christian Krönert, was the general representative for the insolvency law aspects of the self-administration proceedings. Both were hired by the Cologne partner of the law firm Dr. Supported by Franz Zilkens. “After the rescue and security of the operation by the investor and the continuation of the operative business under a new legal entity, the old company shell must now be wound up in the further process. This is a typical measure to be carried out routinely, which we will most likely complete in just under two years Our expertise in the field of insolvency administration comes in handy here. The maintenance of self-administration, including for these settlement activities, is evidence of the creditors’ trust in our restructuring team. After completing this task, we are confident that we will pay out a relevant creditor quota of over 30 percent can,” predicts lawyer Christian Krönert. After the transfer of business operations by the investor, he will join the debtor’s management as CWO (Chief Workout Officer).
The previous investor process was largely coordinated by the management consultancy MONTAG & MONTAG. ABG Consulting-Partner GmbH & Co. KG also provided support in the process on business issues and in the area of process controlling. The team led by Managing Director Simon Leopold provided ongoing commercial support during the restructuring, including financial and liquidity planning.
Socially acceptable renovation despite the tense economic situation
Even though the majority of the toolmaker’s jobs have been retained, an adjustment to the personnel structure was unfortunately unavoidable: Ultimately, 51 employee positions had to be cut because the financial planning in the investor’s concept predicted reduced performance, and reduced sales at least in the next two to three years goes out this alone considering the fact that only adequate tool orders should be accepted. Thanks to the intensive cooperation between the works council, investor, management and trustee, the restructuring was carried out in the most socially responsible way possible. For this purpose, a transfer and qualification company was founded, which guarantees the affected employees the best possible transition to their new employment in the primary labor market, while the employees concerned in the transfer and qualification company retain a full employment relationship during the transition period. Appropriate agreements have been made with the works council and their legal advisors (with the involvement of the responsible trade union) as part of negotiations on the reconciliation of interests and the social plan.
The traditional company Heinz Schwarz GmbH & Co. KG had fallen into crisis due to the difficult overall economic situation. The far-reaching structural change in the toolmaking industry, particularly in the automotive sector, was accompanied by massive increases in material and energy prices and the sharp increase in transport prices in 2022. These additional costs could not be sufficiently passed on; the pre-service and in particular pre-financing costs increased enormously. Immediately initiated measures to stabilize liquidity could not be completed by the company out of court without using the “toolbox” of the insolvency code. The management of Schwarz Werkzeugbau therefore applied for insolvency under self-administration at the responsible district court in Bielefeld. The judicial reorganization proceedings were opened on October 1, 2022.
attachment: Press photo for free use (image source company)
About Heinz Schwarz GmbH & Co. KG
The company based in Preußisch Oldendorf in Ostwestfalen-Lippe is one of the largest independent toolmaking companies in Germany and works for many well-known and important automobile manufacturers. The range of services includes classic tool construction, especially in the field of sheet metal forming, as well as the complete development of components and their series production. All relevant value-added steps are carried out in-house: from feasibility studies and component development to tool design and toolmaking to production services and series production.
About the law firm VOIGT SALUS.
The law firm VOIGT SALUS, which is based in Berlin and has several locations in Germany. has already been active in more than 4,500 restructuring and reorganization proceedings as a consultant, self-administrator, trustee and insolvency administrator. Thomas Elrich, Dr. Together with their team, Franz Zilkens and Christian Krönert have the necessary experience to successfully and sustainably design a restructuring process within a very short time, even in the crisis of large companies.
About PLUTA
PLUTA helps companies in difficult legal and economic situations. PLUTA has grown steadily since it was founded in 1982 and today employs around 500 people in Germany, Spain and Italy. More than 290 business people, business economists, lawyers, commercial lawyers, tax consultants, auditors, chartered accountants, economists, bankers, bookkeepers, engineers and specialists for insolvency administration, including many with multiple qualifications, ensure practicable, economically sensible solutions. PLUTA provides support in particular with the restructuring and continuation of companies in crises or insolvency situations and, if necessary, also sends restructuring experts to the executive body. PLUTA belongs to the top group of reorganization and restructuring companies, which is proven by rankings and awards from INDat, JUVE, The Legal 500, Who’s Who Legal, brandeins and Focus.
About ABG Consulting-Partner GmbH & Co. KG
For more than 20 years, ABG Consulting-Partner has specialized in supporting companies in crisis situations and their holistic restructuring – both in and out of court. The aim is to restore competitiveness and realign the companies for a restart on the market. The services range from strategic advice to commercial support and the development of restructuring plans to the search for investors or financing. Due to the affiliation to the consulting association ABG-Partner with its independent companies in tax and management consulting as well as in marketing, law and auditing, comprehensive technical expertise can be accessed at any time.
About MONTAG & MONTAG management consultants
MONTAG & MONTAG is an independent and owner-managed management consulting company founded in 2012 and based in Cologne. The company’s advisors specialize in the areas of corporate finance and transaction advice as well as advice on restructuring and reorganization. In total, they have already supported over 150 companies in special situations. The main focus of his activities is the operational support of company crises and insolvencies as well as the implementation of M&A processes.
Press contact:
Contact company:
Managing Director Diedrich Diedrichsen
Heinz Schwarz GmbH & Co. KG
Telephone: +49 5742 808 0
Email: [email protected]
Web: www.schwarz-werkzeugbau.de
Contact general representative:
Attorney Christian Krönert, Dr. Franz Zilkens and Thomas Ellrich
Office VOIGT SALUS.
Telephone: +49 221 379178 0
Email: [email protected]
Web: www.voigtsalus.de
Contact administrator:
Lawyer Stefan Meyer
PLUTA Lawyers GmbH
Telephone: +49 5741 337 300
Email: [email protected]
Web: www.pluta.net
Press contact:
Ilka Stiegler
ABG Marketing GmbH
Phone: +49 351 43755 11 or +49 173 264 2301
Email:[email protected]
Web: www.abg-marketing.de
Original content from: Schwarz Werkzeugbau, transmitted by news aktuell
