Baker McKenzie advised various companies of the Gienanth Group (Gienanth Group GmbH, Gienanth Sales GmbH, Gienanth GmbH (all Eisenberg), Fronberg Guss GmbH (Schwandorf) and Gienanth Zaigler MBA GmbH (Kulmbach)) in connection with the preparation of restructuring proceedings in the form of self-administration at the Local Court - Insolvency Court - Kaiserslautern (group venue / proceedings). With this step, the Gienanth Group has responded in particular to the recent increase in economic burdens throughout the whole industry. Baker McKenzie already provided legal advice to the group in connection with its pre-insolvency restructuring efforts and negotiations.
Other companies of the Gienanth Group in Austria and the Czech Republic are not and will not be part of the restructuring proceedings in self-administration.
A particular challenge in filing the applications was the establishment of the group venue / proceedings for all five companies at the Local Court - Insolvency Court - Kaiserslautern.
"Thanks to the well-coordinated cooperation with our client, we were able to promptly react to the critical situation and implement the measures required for the initiation of (preliminary) self-administration proceedings very quickly," commented Joachim Ponseck, partner at R&I Baker McKenzie.
The business operations of the affected Gienanth companies are to be continued in full after the preliminary self-administration proceedings have been ordered by the Local Court - Insolvency Court - Kaiserslautern. The approximately 1000 employees of the Gienanth Group have already been informed of the proceedings. The employees' wages and salaries are covered by the employment agency up to and including the end of January 2024.
Gienanth was founded in 1795 as a hammer mill. Today, the Gienanth Group is a well-established foundry group that specializes in the production and finishing of high-quality iron castings using machine and hand moulding processes.
Baker McKenzie's restructuring and insolvency team regularly advises a large number of German and international companies and financial institutions in complex restructuring and insolvency mandates. Recent notable mandates include providing legal advice to BMW in connection with the insolvency proceedings of Allgaier, advising Microvision on the acquisition of Ibeo Systems out of insolvency and advising the banking consortium on the adjustment of the financing of the Woco Group.
Legal advisor to Gienanth Group:
Baker McKenzie
Lead:
Restructuring: Joachim Ponseck (partner, Frankfurt)
Team:
Restructuring: Artur Swierczok (counsel, Frankfurt), Tim Hosgör (associate, Frankfurt)