Restructuring of a specialty car body manufacturer via a protective shield procedure
The starting position
Hartmann Spezialkarosserien is a supplier of high-quality commercial vehicle conversions for cash-in-transit and motorhomes, among other things. With a turnover of €12 million, the company employed 140 people at its headquarters. Since the peak year, the company had experienced a 40% drop in sales without adjusting costs accordingly. Massive losses and an existential liquidity bottleneck were the result.
The shareholder of the company is a foundation - the injection of own funds was thus limited. bachert&partner was commissioned by the shareholder to compare the options for action with regard to an out-of-court and an insolvency-based solution.
Due to the high requirements regarding financial (e.g. tax arrears, repayment of deferral contributions) and operational (e.g. social plan expenses) measures, the choice fell on a protective shield procedure. The conception, certification and economic support of the procedure was carried out by bachert&partner.
bachert&partner provided support in the detailing of the final insolvency plan and the plan justification calculation, the rolling liquidity management, the holding of creditor committee and bank meetings and the negotiation of the social plan.
The measures at a glance
Design of the protective shield procedure and preparation of the certificate in accordance with § 270b Inso
Reduction of almost 40% of the workforce via initiated social plan
Reduction of approx. 20% of structural costs
Implementation of strict working capital management
Sales-up and restructuring of the sales department
Optimization of project management and controlling
Compared with the original out-of-court restructuring plan, liquidity was improved by € 2.5 million as a result of the protective shield proceedings - effects here included the insolvency allowance, the waiver of back taxes and old liabilities in conjunction with a quota arrangement of 10%
In connection with this, the liabilities side of the balance sheet was restructured with equity effects of over € 3 million
The creditor quota of 10% was realized via a moderate shareholder contribution as part of a real estate takeover of an adjacent property
The banks' rights to separate satisfaction were satisfied 100%
The proceedings were terminated only six months after the filing of the application
The shareholder structure could be maintained
Thanks to the successful implementation of the protective shield proceedings, the company was sustainably repositioned and a total of 90 jobs were secured.