Home / Knowledge / News / Textiles / Creditors of Mayer & Cie in Albstadt bankruptcy plan
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

Must ReadView All

Textiles | On 21st Jul 2017

No shortage of cotton & yarn in country: Minister

There is no shortage of cotton and yarn in the country, and the...

Pic courtesy: Sutlej Textiles & Industries Ltd

Textiles | On 21st Jul 2017

Sutlej Textiles’ Q1 FY18 EBITDA expands to Rs 76.28 cr

Sutlej Textiles and Industries Ltd (STIL), one of India’s largest...

Textiles | On 21st Jul 2017

CAI revises 2016-17 cotton crop to 337.25 lakh bales

Cotton Association of India (CAI) has upwardly revised cotton crop...

Interviews View All

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Rajiv Sirohi

‘Portugal is taking away a major share of the mill made sector.’

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Eric Scholler

The Indian market has huge potential in technical textiles, and by far,...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Planning to Take the Leap towards

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search