Gebr. Sanders GmbH & Co. KG: Local court approves debtor-in-possession proceedings with a “protective shield”
[Cologne, ] Today the Bersenbrück Local Court granted the petition filed by the management of Gebr. Sanders GmbH & Co. KG for an order for debtor-in-possession proceedings with a “protective shield”. The background to this is the expiry of a credit line on 30 September 2016, whose extension became uncertain today. The “protective shield” procedure will enable the company to continue its business operations for a period of three months. During this time creditors will be unable to take enforcement measures.
The Bersenbrück Local Court has appointed the lawyer Michael Mönig, of Münster, to act as provisional custodian. GÖRG Partnerschaft von Rechtsanwälten, headed by senior partner Dr. Jörg Nerlich, will advise Gebr. Sanders GmbH & Co. KG during the debtor-in-possession proceedings.