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:
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