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GER - Friedrich Wilhelms-Hütte uses protective shield procedures for the reorganization

  • The district court has complied with the iron foundry's application and ordered the protective shield procedure
  • Friedrich Wilhelms-Hütte (FWH) is taking this path in order to implement the necessary restructuring measures while the business continues to operate without restrictions
  • Management and restructuring team inform staff in Mülheim an der Ruhr about the next steps

Friedrich Wilhelms-Hütte Eisenguss GmbH, a leading manufacturer of iron and cast steel products from Mülheim an der Ruhr, yesterday applied to the district court to open protective shield proceedings. The court complied with this and ordered the provisional self-administration over the company. The associated Friedrich Wilhelms-Hütte GmbH, which is solely responsible for administrative tasks including purchasing and sales, also follows this path. Due to the judicial order of the protective shield procedure, the management of the companies remains in the hands of the management.

“The corona crisis has led to massive order declines and sales losses for us. We have therefore decided to restructure the Friedrich Wilhelms-Hütte as part of the protective shield procedure and to reposition it for the future, ”says Mark Vierbaum, Managing Director of Friedrich Wilhelms-Hütte Eisenguss GmbH and Friedrich Wilhelms-Hütte GmbH. "We have already worked out the first preliminary concepts for the renovation and now we want to elaborate and implement these in detail over the next few weeks and months with all the key stakeholders. Our goal is to ensure the long-term survival of FWH in the interests of employees, customers, suppliers and creditors, ”added Vierbaum.


He receives support from Dr. Dirk Andres from the AndresPartner law firm, which acts as the general representative of the FWH companies from now on. Together with his team of selected experts, he has successfully accompanied a large number of companies in their restructuring processes in recent years. “The protective shield process is an effective tool for restructuring and reorganizing companies. In the coming weeks, we will now start discussions with all key stakeholders and, on the basis of this, drive our plans to reorganize the company, ”Andres explains the upcoming steps. In this project, the company will also be supported by the court-appointed provisional administrator, the attorney-experienced Prof. Dr. Jan Roth from the law firm WELLENSIEK, accompanied. Its task is to monitor the company throughout the entire protective shield process and to protect the interests of all creditors.

The business operations of Friedrich Wilhelms-Hütte Eisenguss GmbH and Friedrich Wilhelms-Hütte GmbH will continue unabated. "Of course, we will continue to supply all of our customers in full, on time and in the usual quality," says Vierbaum. "Production, adherence to delivery dates and delivery are also guaranteed during our protective shield procedure - as we are used to".

The total of around 440 employees at Friedrich Wilhelms-Hütte Eisenguss GmbH and Friedrich Wilhelms-Hütte GmbH, some of whom are in short-time work, were yesterday in Mülheim an der Ruhr, taking into account the necessary corona-related safety precautions regarding the current situation and the further procedure informed. Instead of their wages and salaries, they will receive bankruptcy money from the Federal Employment Agency for the next three months.
 

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