The digital and gravure printing company Transfertex GmbH & Co. Thermodruck KG from Kleinostheim near Aschaffenburg has successfully completed its insolvency proceedings. The Aschaffenburg Local Court has terminated the insolvency proceedings against the company’s assets as of 28 February 2022. Prior to this, the creditors’ meeting had accepted the insolvency plan submitted by the company in mid-October.
In May 2021, Transfertex had applied for protective shield proceedings pursuant to §270d Ins0 n.F. due to impending insolvency. The court appointed lawyer Dr Alexander Höpfner (act AC Tischendorf) as administrator. The management was appointed by the insolvency law expert Dr. Franz-Josef Hansen (BHS Rechtsanwälte) and the restructuring experts Marc Schneider and Nick Piepenburg (Turnaround Management Partners) in the implementation of the self-administration and the preparation of the restructuring and insolvency plan concept.
In the past months, a comprehensive restructuring concept with strategic and operational measures was developed and implemented as part of the self-administration proceedings.
The operational business of Transfertex was sold to a new company through a transfer restructuring with effect from 1 October 2021. The new company will continue the existing business model with gravure and digital printing. The cost structure was adjusted to the current and expected business volume for the coming years. The restructuring concept ensures the preservation of 82 jobs. After negotiations on a reconciliation of interests and a social plan, the employees who are no longer employed were offered the option of joining a transfer company as an alternative to severance pay.
After the transfer of the business operations and acceptance of the plan, the debtor acts as the holding company, which provides the new company with office and production space as well as operating resources.
The financing of the insolvency plan with a quota of 100 percent was made possible by extensive financial contributions from the shareholders. They no longer have a direct stake in the new company, but cover the initial liquidity requirements through start-up financing.
Dr. Alexander Höpfner on the achieved quota: “Our task in the self-administration procedure is to optimally protect the interests of the creditors by maximising the quota. With the exceptionally high quota of 100 percent, we have now been able to achieve the best possible satisfaction of creditors. All parties involved in these proceedings have worked together excellently to achieve this goal.”
At the time of filing for insolvency, Transfertex was an owner-managed family business with around 135 employees and a turnover of approximately EUR 15 million (2019). The company, founded in 1972, is based in Kleinostheim near Aschaffenburg. Transfertex prints sublimation paper (also known as transfer paper) as its main product in gravure as well as digital printing processes, which international customers use to produce printed textiles or technical applications. Transfertex supplies mainly to the fashion market, the home textiles sector and the sports and jersey market.
act AC Tischendorf Rechtsanwälte (Frankfurt am Main): Dr Alexander Höpfner (administrator).
Advisors to Transfertex:
Bachmann, Hansen, Schuhmann & Partner (Aschaffenburg): Dr. Franz-Josef Hansen (Chief Insolvency Officer), Dr. Jochen Heinzelmann (Insolvency Law)
Turnaround Management Partners (Düsseldorf): Marc Schneider, Nick Piepenburg (insolvency plan concept and business consulting)