Management of the ZPF Therm Maschinenbau GmbH filed a request on the 04.07.2013 to open insolvency proceedings at the District Court Heilbronn. On 06.07.2013, lawyer and insolvency specialist, Mr. Steffen Beck, of Beck Law firm was chosen to be the preliminary insolvency administrator.
The ZPF Therm Maschinenbau GmbH belongs to the ZPF Group and is an international manufacturer of melting and holding furnaces for aluminum, which currently has 50 employees at its Siegelsbach in Baden-Wuerttemberg location. Due to the inability of keeping up with costs, the company management was forced to file for insolvency. Main reasons for the critical liquidity situation was the drop in orders in fiscal year 2012/2013, and the financial gaps caused by the necessary pre-existing orders.
The business can initially be fully maintained and all the systems that are in production are delivered as planned. Wages and salaries of the employees are also protected by the insolvency until September 2013.
The aim is now focused on the reorganization and restructuring of the company on the path of a bankruptcy plan or a so-called asset deal, in a form of corporate acquisition. The insolvency administrator has been entrusted with the restructuring, who has also successfully guided numerous companies through the crisis, and now in the case of the ZPF Therm Maschinenbau GmbH.
Efforts are being made in business operations including customer and supplier relationships to stabilize and reach a financing of existing projects by the bank.
"It would be a shame if a company like ZPF, which established a good product on the market for the last 20 years, would not continue. We are confident that we will find a good base for an opportunity to lead the company. "Thomas Martens Meier, Managing Director of ZPF.