The supplier of sausage and meat products WFS Wurst-Fleischwaren-Service Vertriebsgesellschaft mbH from Mörfelden-Walldorf near Frankfurt am Main has successfully completed its insolvency proceedings after about nine months. With its decision of 23 July 2021, the Darmstadt Local Court cancelled the insolvency proceedings over the company’s assets. Prior to this, the creditors’ meeting in mid-June had unanimously accepted the insolvency plan submitted by the company.
WFS filed for insolvency proceedings in self-administration in October 2020. The difficult situation in the transport and hotel industry due to the effects of the worldwide COVID 19 pandemic was the reason for the decision to carry out a restructuring within the framework of self-administration with an insolvency plan.
The company will then focus on its core competencies and the expansion of its unique selling points in order to secure its existing business. In addition, new customer segments besides the classic transport and hotel business are to be developed in a targeted manner. In order to create a cost structure that is competitive in the long term, significant staff reductions were implemented in the course of the insolvency proceedings. “With these painful cuts, we have created the necessary conditions for the preservation of more than 40 qualified jobs and thus further strengthened the production location in Mörfelden-Walldorf,” says Managing Director Helge Klein. After it became known that the state aid (bridging aid III) would not be paid out within the current insolvency proceedings, the insolvency plan had to be finalised at short notice and the process had to be brought to a tight conclusion. This was ultimately achieved through the cooperation of all parties involved in the process. Ultimately, the success of the restructuring was made possible by extensive financial contributions from the previous managing partner.
WFS is an owner-managed family business with a history of almost 50 years. The company supplies the first-class hotel trade, the catering trade and the transport catering trade with a comprehensive range of meat and sausage products comprising around 2,800 articles. In 2019, WFS achieved sales revenues of around EUR 37 million with an annual average of 117 employees.
With the market-renowned self-administration proceedings of Baden-Board, Picard, JMT, Hallhuber and Vossloh-Schwabe already successfully completed in 2020/2021 and the self-administration proceedings of Saurer Spinning Solutions currently still ongoing, act AC Tischendorf’s insolvency and restructuring practice, led by partners Dr Sven Tischendorf, MBA, Dr Alexander Höpfner and Dr Felix Melzer, is one of the market leaders in Germany.
WFS trusteeship: act AC Tischendorf Rechtsanwälte, Frankfurt: Dr Alexander Höpfner (trustee)