GÖRG prepares insolvency plan for successful restructuring of trading house TESTRUT
The creditors of Testrut (DE) GmbH accepted the insolvency plan drawn up by Rolf Weidmann as general representative of the international trading company at the Duisburg Local Court without a dissenting vote. The plan provides for Link H.K. Ltd. from Hong Kong to secure further financing of the company with fresh money and to make a sum of money available to the administrator to compensate the creditors.
"In a structured investor process, we have found the best solution in the interests of creditors," explains Rolf Weidmann, lawyer and partner at GÖRG Rechtsanwälte/Insolvenzverwalter GbR. In his capacity as general representative, he drew up the insolvency plan which, among other things, will secure the locations of Testrut (DE) GmbH and around 130 jobs. "The restructuring in self-administration was thus successful. The break-up of the company would have led to high liquidation losses and would have completely eroded the assets expected to be available for distribution," continued Weidmann.
Testrut, an owner-managed international trading company, filed for insolvency at the end of August 2018. For more than eighty years, Testrut has been trading in non-food categories around home and garden, marketing its products to the retail trade: both stationary and online.
In the product categories Indoor (household, kitchen and bathroom) and Outdoor (garden furniture and accessories), the Testrut Group generated annual sales of around 140 million euros - mainly in Europe.
The commitment of an international investor is a clear signal to Testrut's customers, explains Alexander Sator, currently CFO and future commercial director of Testrut (DE) GmbH. With the support of GÖRG, he is particularly pleased to be able to offer employees a perspective in the company whose commitment has made a considerable contribution to the Realignment.
self-administration team Testrut (DE) GmbH
GÖRG Rechtsanwälte/Insolvenzverwalter GbR
Rolf Weidmann, Partner, Insolvency Administration, Essen
Joachim C. Mohlitz, Partner, Insolvency Administration, Duisburg
Nils Meißner, Partner, Insolvency Administration, Essen
Support for the continuation of the business and the restructuring process, advice on insolvency law, preparation of the insolvency plan and the company purchase agreements, negotiation of a mass loan
Proventis Partners, Hamburg
Jost Hartmann, John Jürgens: M & A Process
Comes Unternehmensbetratung GmbH & Co. KG
Hamed Omumi: liquidity planning