Wednesday, November 20, 2013
Evidently, Service Point Solutions’ German subsidiary, Koebcke, filed, November 14th, for some form of bankruptcy reorganization. After reading the document, it looks like what we in the U.S. would refer to as a Chapter 11 reorganization. Apparently, operations of Koebcke will continue as they have been while the company and its advisors take steps to reorganize the company.
Here’s a link to the Press Release that was issue about Koebcke: (Please note that this Press Release is in German; the Press Release starts on the second page of the file you’ll get to after you click on the link):
As I normally do, I used Google-Translate to translate this document. Reminder: Google-Translate does not produce perfect translations! Here’s how Google-Translate translated this particular document:
Press release – November 14, 2013
Koebcke provides for provisional self-government and appointed Marcello Di Stefano for redevelopment manager
- A total of 140 employees affected
- Amtsgericht Charlottenburg arranges self-administration.
- Rehabilitation Manager
- Marcello Di Stefano, Tiefenbach insolvency administration
- Interim Trustee
- Dr. Juergen Wallner, Wallner White insolvency experts GbR
Berlin, 14 November 2013.
The management of Koebcke - headquartered in Berlin - yesterday requested the opening of insolvency proceedings in the District Court of Charlottenburg. The district court has complied with this request and provided a preliminary self-administration. Koebcke thus utilizing the new possibilities offered by the insolvency law since the reform in March 2012 on the reorganization of companies.
Koebcke GmbH has its headquarters in Berlin and currently employs around 140 staff across 10 offices in Germany and achieved 2012 sales of nearly 11 million euros. In the areas of data management, digital printing and archiving Koebcke services and products offers along the entire value chain of the information process and serves over 2,000 customers. The company is among others one of the leading manufacturers of photo books and also get into a phase of reorientation through the crisis of the Spanish parent company in financial difficulties.
With lawyer Marcello Di Stefano of the Tiefenbach receivership, the company was asked a redevelopment manager for the site, which has paved the way to the self-administration and now the company will offer expert guided for the duration of the remediation process.
For provisional administrator of the lawyer Dr. Juergen Wallner Wallner White insolvency experts GbR has been ordered and will monitor the procedure with regard to the protection of creditors.
The operations of Koebcke continues unchanged during the procedure further. The employees have been informed already on 13.11.2013 on the procedure. Wages and salaries are covered by the end of the year, the insolvency fund. "We have already managed to stabilize the situation," said Di Stefano. The goal is the final restructuring of the company. Di Stefano and Wallner, both established remediation experts see good opportunities to achieve this goal in the foreseeable future, without having to break down jobs. "Under the given conditions, the self-management of the Company provides the necessary flexibility for sustainable renovation, recapitalization and restructuring," said Di Stefano. For further details, but you can not comment at the present time.
For more information, please see our detailed press release which you can download here:
Posted by Joel Salus at 6:25 AM