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GES Deutschland GmbH will take over service operations of the wind energy systems manufacturer PowerWind GmbH seated in Hamburg.
In one of the first insolvency proceedings in self-administration under a new law on facilitating restructuring of insolvent businesses (ESUG), PowerWind CEO Dieter Dehlke cooperated closely with the insolvency trustee Dr. Sven-Holger Undritz, White & Case Insolvenz GbR, to entirely retain the company's service organization by way of transferring restructuring. Service operations and all associated employment contracts were transferred to GES Deutschland as of November 1, 2012.
"Of all entities interested in this particular service organization, GES Deutschland GmbH was able to submit the most convincing overall concept," said CEO Dieter Dehlke. Dehlke is optimistic about continuation of service operations by GES Deutschland GmbH: "Staff structures of both PowerWind and GES match together well, which is why I see enormous potential for these two entities jointly expanding their position on the market."
The buyer side shares in this optimism. "We concerned ourselves intensively in the past weeks with the PowerWind service organization, and we are convinced this is a sound investment," said Peter Grosch, CEO GES Deutschland GmbH. His plans are to entirely retain and even expand the service business. "We see lots of good potential, and we seek to benefit from PowerWind staff's experience and know-how."
In addition, a major share of inventories, production-related assets and IP rights required for production of PowerWind system were sold to the RK Wind company in India.
In his efforts aimed at company restructuring, PowerWind CEO Dieter Dehlke was supported by the Wellensiek law firm specialized on insolvency law and insolvency proceedings.
BackgroundThe PowerWind GmbH in Hamburg on April 24, 2012 filed for insolvency under self-administration at the district court in Hamburg. This is one of the first such corporate insolvency proceedings under self-administration since the EUSG came into effect on March 1, 2012.
In cooperation with the (provisional) insolvency trustee Dr. Sven-Holger Undritz, Dieter Dehlke already in the provisional insolvency proceedings managed to stabilize and continue business operations following intensive negotiations with suppliers and customers. He thus created the essential prerequisites for a structured investor process.
Insolvency proceedings were then actually instituted by the district court – insolvency court – in Hamburg on July 1, 2012; the Hamburg attorney Dr. Sven-Holger Undritz, Partner to White & Case Insolvenz GbR, was appointed trustee. Management of PowerWind GmbH was supported by the renowned Wellensiek law firm in carrying through the insolvency proceedings under self-administration.