GER - Dieckerhoff Guss GmbH applies for Bankruptcy Protection Proceedings

Dieckerhoff Guss GmbH, cast iron specialist from Gevelsberg, yesterday applied to the district court in Hagen to open protective shield proceedings.

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The court complied with this and ordered the protective shield procedure according to § 270b InsO. The company uses the legal options (ESUG) that have been in force since March 1, 2012 to specifically develop the measures required for restructuring and reorganization under its own responsibility and to implement them at short notice. Due to the present court order, the management of the company remains in the hands of the management even during the protective shield procedure.

"Due to the corona-related contact restrictions and nationwide closings of companies, our sales have plummeted, in particular due to the declining demand in the automotive industry. We therefore actively opted for this path in order to cope with the current crisis situation and to push ahead with the necessary restructuring process,” says Marc-Oliver Arnold, Managing Director of Dieckerhoff Guss GmbH.

To deal with the complexity and the special legal challenges of the protective shield procedure, Arnold will be replaced by the attorney-experienced Dr. Dirk Andres from the AndresPartner law firm, who will act as general representative and assume the role of the person responsible for restructuring.

"The protective shield procedure is a good opportunity to restructure the company in the interest of all the main stakeholders," says lawyer Andres, who has already advised a large number of companies on bankruptcy law and successfully assisted them in their restructuring. Over the next few days and weeks, Dieckerhoff Guss will now start discussions with all the key participants.

Dieckerhoff Guss GmbH is also supported in its project by the court-appointed provisional administrator, lawyer Henrik Schmoll from the law firm WELLENSIEK. Its task will be to monitor the company in the protective shield procedure and to protect the interests of all creditors.

The business operations of Dieckerhoff Guss GmbH are maintained and continued without restrictions during the protective shield process. “Our business partners can continue to count on us in the future. Quality, punctuality and delivery reliability are still our greatest asset. Nothing will change there, ”explains Arnold.

Managing Director Marc-Oliver Arnold informed the around 230 employees of Dieckerhoff Guss GmbH, some of whom are still short-time working, yesterday in Gevelsberg together with the restructuring team, taking into account the necessary corona-related safety precautions, about the current situation and further action . Instead of their wages and salaries for the next three months, employees receive bankruptcy benefits from the Federal Employment Agency.