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Insolvent HAL Group fully financed by the end of July

The business operations of the aluminium casting specialist HAL Group will continue in full despite the opening of insolvency proceedings. Insolvency administrator Dr Franz-Ludwig Danko has concluded corresponding agreements with the company's most important customers to secure financing until at least the end of July. At the same time, Danko is working on a possible investor solution.

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"The continuation agreements with the customers give both parties important planning security," emphasised Danko. "We are fully financed for the next five months and can continue to press ahead with the restructuring and search for investors during this time," said Danko. The agreements are valid until 31 July and include the option to extend them. The refinancing of the wages and salaries of around 120 employees is also secured as a result. The insolvency benefit period ended with the opening of insolvency proceedings on 1 March, meaning that the company will once again have to pay personnel costs from its current income. 

The companies in the HAL Group had filed for insolvency in December. During the provisional insolvency proceedings, Danko initially stabilised business operations and began negotiations with customers. In this context, the insolvency administrator praised the commitment of the employees: "The employees have been very committed to your company right from the start," said Danko. "The fact that day-to-day business is running without any major problems and that we can continue to fulfil all our obligations to customers is largely thanks to the high level of commitment shown by the workforce."
At the same time, Danko had launched an investor process in which potential interested parties were actively approached. There have now been several serious expressions of interest, some potential investors have submitted initial, non-binding offers and are now being given access to further company data and information. These include strategic investors, i.e. companies from the industry, as well as financial investors. "The initial response to the search for investors has been satisfactory. The next step is for the interested parties to concretise their offers to the extent that we can enter into concrete negotiations," said the insolvency administrator. 

The HAL Group has production sites in Bitterfeld and Plauen. Aluminium parts are produced in Bitterfeld using the casting process. In Plauen, the mechanical processing of raw parts produced in-house or by third parties takes place. Structural, engine and transmission parts are manufactured for the automotive and commercial vehicle industry. The Group's most recent annual turnover totalled around 25 million euros. Like many automotive suppliers, the HAL Group is also under economic pressure. Against the backdrop of the switch from combustion engines to electric motors, the industry is undergoing a radical change. In addition, the cost of raw materials and energy has risen considerably. 

About Danko Insolvenzverwaltung
The law firm "Danko Insolvenzverwaltung" stands for over twenty years of experience in the fields of corporate restructuring, insolvency and labour law. With an interdisciplinary team of insolvency, labour and tax lawyers as well as business economists and clerks, the firm is also able to successfully handle larger insolvency proceedings and extensive mandates. Founder Dr Franz-Ludwig Danko's well-known reference cases include the automotive suppliers DGH Sand Casting, Druckguss Heidenau, FINOBA Automotive, Spezialguss Wetzlar and ttb Group, the soap manufacturer Kappus Group, the aircraft outfitter Anolis Interiors, the hospitals Agaplesion Evangelisches Krankenhaus Holzminden, DRK-Kliniken Nordhessen, Klinik und Rehabilitationszentrum Lippoldsberg and Prof. Dr Keck Akut- und Reha-Klinik. The firm has offices in Frankfurt am Main, Dresden and Kassel.


Source: www.moeller-pr.de

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