KTG Energie AG – Successful Completion of Restructuring: Neuruppin Regional Court dismisses action filed against insolvency plan
[Hamburg/Bremen, ] On 10 February 2017, the Neuruppin Local Court approved the insolvency plan prepared by the management team that was appointed to steer the company through the restructuring process. The team was headed by GÖRG partners Dr. Thorsten Bieg and Dr. iur. habil. Gerrit Hölzle (both from Hamburg/Bremen). Then, on 16 March, the Neuruppin Regional Court, the court of appeal, ruled that the sole objection filed against the appointment that was submitted on time was inadmissible. The court reasoned that the appellant, who essentially objected to the calculations underlying available options in the insolvency plan and the related appraisal, failed to demonstrate the plausible existence of any significant discrimination, which is an essential prerequisite for an immediate objection. An appeal was not admitted.
The rejection of the appeal means that formal approval of the insolvency plan is final and KTG Energie AG has successfully completed the self-administered restructuring process. As a result, the insolvency proceedings can be brought to a close in the short term. The GÖRG Berlin partner involved in the management of the solvent subsidiaries will also hand over his duties to the investors and new shareholders pursuant to the insolvency plan in the near future.
The experienced team headed by partners Bieg and Hölzle, which also provided the insolvency plan for the self-administered restructuring of the AC Biogas Group and, most recently together with Sascha Feies, that of the Dresden-based DNZ Group, has thus achieved a further major success in the area of restructuring and strategic insolvency management.