KSI - Klaus Stahl Industrielackierungen GmbH - KSI terminates self-administration proceedings
The specialist for powder coating, coil coating and cathodic electrocoating (KTL) from Schifferstadt filed for insolvency in self-administration in mid-December 2020 in order to initiate protective shield proceedings for crisis management and realignment. The application was filed because the company slipped into an existential earnings and liquidity crisis due to the corona pandemic in 2020; insolvency was imminent.
Self-administration proceedings supported by bachert&partner
In the self-administration proceedings, the management was supported by the experienced Mannheim-based restructuring specialist Steffen Rauschenbusch from the law firm Ernestus Rechtsanwälte as general representative. The business reorganization concept was developed under the leadership of Helge Hoffmann, a partner at bachert&partner, a management consultancy specializing in reorganization situations. Attorney Thomas Oberle (law firm SZA Schilling, Zutt & Anschütz) accompanied the restructuring process as court-appointed administrator.
The insolvency plan drawn up by the general representative and the business management consultancy and submitted in April 2021 was accepted without dissenting votes by the creditors' meeting on May 21, 2021 and confirmed by the court. The insolvency proceedings were now suspended on August 1, 2021. The insolvency plan can now be implemented.
Protective shield proceedings lead to cancellation of insolvency proceedings
The protective shield proceedings enabled KSI to reorganize the losses and liabilities incurred as a result of the Corona crisis. Thanks to a large number of operational measures to improve efficiency, KSI is well positioned for the future. Despite the ongoing proceedings, customer confidence in KSI's performance manifested itself in new orders for long-running major projects. With the termination of the insolvency proceedings, the company's management is no longer subject to any restrictions. The office of the administrator ended on August 1, 2021.
It was possible to dispense with redundancies. KSI employs around 190 of its own staff and temporary workers.
Restructuring managed together
"The initiation of the proceedings in December was a difficult step for us, but in the end we had no other choice due to the ailing liquidity and the Corona impact. Today, we are pleased that we decided to take this step in good time and that, thanks to the very good cooperation between advisors, trustee and employees, we can now successfully conclude the proceedings in such a short time. The early filing of the application and the professional preliminary conceptual work and planning were the essential factors for the restructuring of our company," explains Managing Director Gereon Stahl.