Dr. Alexander Höpfner was appointed as trustee of Transfertex in self-administration proceedings (protective shield proceedings) by order of the Aschaffenburg Insolvency Court dated May 20, 2021
Transfertex GmbH & Co. Thermodruck KG has been producing environmentally friendly transfer paper for the textile industry since 1970 with the quality claim “Made in Germany” in digital printing and gravure printing and supplies customers worldwide. On the basis of the transfer paper, clothing for well-known fashion labels and sports jerseys, including those for participants in the Football Champions League, are produced from polyester fabrics. By combining digital printing and gravure printing, Transfertex is the only supplier in Germany capable of producing up to 1 million meters of transfer paper in a very short time. Transfertex currently employs 140 people.
The cancellation and postponement of sporting events, such as the Summer Olympics or the European Football Championships, triggered by the COVID-19 pandemic, has led to a massive slump in shirt sales. In the apparel segment for fashion labels, there were serious declines in sales as a result of the textile retail closures caused by the lockdown. The aim of the protective shield and self-administration proceedings granted by the Aschaffenburg Insolvency Court is to safeguard Transfertex’s substance and bridge the lockdown.
After the successfully completed self-administration proceedings of Baden-Board, Picard, JMT, Hallhuber and Vossloh-Schwabe in the last six months alone, the successful insolvency and restructuring practice of act legal Germany led by partners Dr. Sven Tischendorf, MBA and Dr. Alexander Höpfner can further expand act legal Germany’s strong market position in well-known insolvency cases with the appointment of Dr. Alexander Höpfner as administrator of Transfertex.