Vulcast Germany GmbH (formerly Ergocast) from Jünkerath (Eifel) has filed for insolvency proceedings at the Bitburg District Court. The aim is to reorganise the iron foundry business with the two divisions of machine and hand mould casting. The Bitburg insolvency court appointed the restructuring expert lawyer Ingo Grünewald from the law firm Professor Schmidt as provisional insolvency administrator on 28.04.2022.
Attorney Grünewald on the current situation: "With the initiation of the preliminary insolvency proceedings, we also immediately started a structured investor process in order to restructure the company as quickly as possible and yet equally in the long term. We are trying to master the balancing act between well-filled order books and exploding energy prices in parallel with the management and the customers." Business operations will be continued by the provisional insolvency administrator
"When I took up this position, it was of course clear to me that it would be a challenge," adds Andre Lötschert, who has been Managing Director since the beginning of this year. "And I would like to continue to face this challenge in order to overcome the current crisis together with the team and the company. I still see the potential to do so."
"The impressive history here at the Jünkerath site, which has lasted for centuries, is characterised by highs and lows. Even if we are currently in one of these lows, we do not consider it impossible that there can still be an efficient foundry in Jünkerath in the future." Uwe Borgers from the Trier-based MENTOR AG, which was entrusted with the search for investors, said. "Particularly in view of the current, sometimes serious distortions in international procurement processes for industrial preliminary products, VULCAST could represent a sensible addition to the own value creation for various market competitors."
Active interested parties can contact MENTOR AG directly for further information. Contact persons are Uwe Borgers (firstname.lastname@example.org) and Sarah Schmitt (email@example.com).
About Vulcast Germany GmbH
The traditional foundry Vulcast Germany GmbH from Jünkerath (Eifel) has been active in the iron and steel industry for over 330 years. Operating throughout Europe and the world, it supplies energy companies, commercial vehicle manufacturers and the shipbuilding industry. The company is divided into two main production areas, machine casting and hand mould casting. A total of 17,000 tonnes of castings are delivered annually - almost a third of the production is exported. The company's industries include power generation, compressors and compressors as well as hydraulic and mechanical drive technology. Together with Ergocast Service GmbH, the foundry employs around 200 people. Production takes place exclusively at the Jünkerath site.
For further information, please visit: www.vulcast.de
About lawyer Ingo Grünewald
Lawyer Ingo Grünewald is a certified restructuring and reorganisation expert and a specialist lawyer for insolvency law and commercial and corporate law. He is managing partner of the law firm Professor Schmidt Insolvenzverwalter Rechtsanwälte, one of the leading insolvency administrator law firms in Rhineland-Palatinate. The firm specialises in restructuring and reorganisation processes for companies in crisis.
For further information, please visit: www.tbs-insolvenzverwalter.de
About MENTOR AG
MENTOR AG is an owner-managed consulting and auditing firm. For around 25 years, the focus of its activities has been on the areas of crisis, restructuring and insolvency. In addition to nationwide auditing activities for courts, creditors' committees and administrators, MENTOR AG is active in the areas of distressed M&A and succession planning.
For further information, please visit: www.mentor.ag
Source: Professor Schmidt Insolvenzverwalter