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Creditors of Mayer & Cie in Albstadt bankruptcy plan
Sep '10
The creditors of the manufacturer of circular knitting machines, Mayer & Cie. GmbH & Co. KG in Albstadt-Tailfingen, overwhelmingly approved of the insolvency plan submitted by Insolvency Administrator Wolfgang Bilgery. 720 creditors with claims in the amount of 82.497.893,76 € were represented during the creditors' meeting this present Thursday at the local district court in Hechingen. Among these, 709 creditors with claims in the amount of 82.282.996,00 € agreed to it. This corresponds to an approval by heads and by claim sum of 99 %. Therewith the insolvency plan is accepted.

Insolvency Administrator Wolfgang Bilgery expressed himself on Thursday afternoon in front of the staff about the result of the voting. It proved true that the insolvency plan was balanced and the burden of the reorganization was creditor banks to waive approx. 10 Mio. €. Pension obligations amounting to just under 7,9 Mio. € will be taken over by the Pension Insurance Corporation (PSV). The remaining creditors of the Mayer & Cie. GmbH & Co. KG will receive a quota of 8.5 % on their ascertained claims.

The partners of Mayer & Cie. GmbH & Co. KG further invest fresh money of 2 Mio. €. According to Bilgery's statement the banks contributed significantly to the recapitalization of Mayer & Cie. The Deutsche Bank, die Baden-Württembergische Bank and the Commerzbank formed a pool under leadership of the Deutsche Bank and are ready to provide Mayer & Cie. the funds required for the continuation of the business operations. Bilgery also emphasized the contribution of the staff and the “IG Metall” (the trade unions for the metal working industry).

The conclusions of a company agreement which provides for the waiver of vacation and Christmas bonus as well as up to five hours of non-paid extra work per week contributed considerably that Mayer & Cie. was operating profitable again since February. Important for the positive development of the insolvency proceedings was reported to be that the customers and the agents of the company as a result of the special mutual trust remained loyal also during the insolvency proceedings.

With the termination of the insolvency proceedings which the Insolvency Administrator expects for latest end of October the function of the Insolvency Administrator ends and the administrative powers and the power of disposal is transferred back to the Management.

With abrogation of the insolvency proceedings the Management will be strengthened by an experienced expert in restructuring. Besides the co-partner Rainer Mayer who will return from the Advisory Board of the company to the Management, a further CEO will be appointed with graduate engineer Josef Kleebinder. Kleebinder acted in various restructuring cases already, among others at the manufacturer of sewing machine Pfaff in Kaiserslautern. Co-partner Marcus Mayer will remain in the Management as authorized officer. The former CEO, Karl-Heinz Dommes, will furtheract as the Management's advisor.

Mayer & Cie. GmbH & Co. KG

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