Creditors of Klingenburg vote for the restructuring plan by a large majority
- Reorganization of Klingenburg GmbH after the creditor vote shortly before completion
- Annulment of self-administration insolvency proceedings by the responsible district court expected in late August
- This way Klingenburg secures business operations and around 170 jobs in Gladbeck
Gladbeck, 3rd July 2019
The creditors of Klingenburg GmbH in Gladbeck, expert in the field of heat exchangers for energy recovery, have approved the restructuring plan, developed by managing directors, at the responsible district court in Essen with a large majority. The creditors committee also assured its support for this concept a few weeks ago. The plan was developed by the managing directors of Klingenburg together with the lawyer Dr. Dirk Andres from the law firm AndresPartner and it was discussed with the court-appointed administrator, lawyer Horst Piepenburg.
The positive vote of the creditors is a decisive step into the restructure with the help of the insolvency in self-administration. “We are happy about the approval of our creditors”, says managing director Rolf Ferdinand Oberhaus, who leads Klingenburg since November 2018. In the past months, he and his restructuring team have taken the essential steps for the now achieved result.
“We cooperated with Klingenburg GmbH because we want to secure as many jobs as possible and build a bright future for the company”, says rehabilitation expert Andres. He is sure that Klingenburg will emerge stronger from the process. “We can already feel considerable relief, but even after the completion of the rehabilitation process, we will continue to work with all of our strength to create a company which is adapted to the current market conditions and can adapt to the needs of an international market”, adds Oberhaus.
As a part of the restructuring, Klingenburg GmbH concentrated their production under the direction of Oberhaus on the area rotary heat exchanger. The production of crossflow plate heat exchanger and counterflow plate heat exchanger have now ceased. Further measures included adjustments in the area of personal structure. After intensive negotiations with the works council on a social plan and a reconciliation of interests, employees were offered – depending on the length of service for Klingenburg up to ten months - to switch to a transfer company, which will provide them with trainings to prepare them for the labor market. Klingenburg secures around 170 jobs in Gladbeck as a part of its self-administration.
For the formal abolition of the self-administered insolvency proceedings, only the legal validity of the plan confirmation is now necessary. “After the usual statutory deadlines we expect the annulment of the proceedings by the court at the end of August”, explains Andres.
Background
Due to a tense competitive market situation, rising material prices as well as higher maintenance and servicing costs, the business of Klingenburg GmbH was burdened by losses. Since the previous restructuring course did not achieve the expected results, the company started the necessary reorganization in the way of a self-administration procedure.
In November 2018 Klingenburg submitted the corresponding application to the responsible district court in Essen. As expected the court opened the self-administration insolvency proceedings on February 1 2019.
Klingenburg uses the legal options (ESUG) that have been in force since March 2012, to develop and implement the measures required for restructuring by themselves in a short period of time. The management of the company during the self-administration procedure remains in the hands of the management of Klingenburg, which was decided by the court.
As an external consultant Klingenburg GmbH is accompanied by Dr. Dirk Andres, a lawyer and restructuring expert from the law firm AndresPartner, who has already successfully accompanied a large number of companies with his team during their self-administration.
In their project, the Klingenburg GmbH is also accompanied by the court appointed administrator, the lawyer Horst Piepenburg, whose task it is to observe the company throughout the whole process and to uphold all creditor interests.
Additional information
Klingenburg is a medium-sized family business founded in 1979 by Hans Klingenburg. Today the company is owned in equal parts by the brothers Arndt and Kai Klingenburg and Slawomir Bielak, who advise the management. Klingenburg produces heat exchangers in Germany and Poland. Klingenburg products can be found in different places, where air is exchanged in a controlled manner – from the small apartment to the factory hall, from cruise ships to car paint systems and data centers.
Klingenburg GmbH employs about 170 people in Gladbeck.
