Successful termination of the insolvency proceedings of Saurer Spinning Solutions GmbH & Co. KG

Dr. Sven Tischendorf, MBA (self-administrator) and Dr. Alexander Höpfner (self-administrator) ensure the successful termination of the insolvency proceedings of Saurer Spinning Solutions GmbH & Co. KG by withdrawing the insolvency petition.

Sven Tischendorf in the function of CRO, Alexander Höpfner in the function of CIO and Dirk Andres in the function of administrator have been responsible for the self-administration of the traditional German company, one of the world’s leading textile machinery manufacturers, since 16 June 2021.

Saurer Spinning Solutions GmbH & Co. KG was founded in 1904 and has been part of the global technology group Saurer, listed on the Shanghai Stock Exchange, since July 2013. With annual sales of around EUR 450 million, Saurer Spinning Solutions GmbH & Co. KG employs around 1,200 people at a total of three locations in Germany.

The unfortunate combination of the negative effects of the COVID-19 pandemic and the impact of the tariff and trade wars on the strongly international supply relationships had put an unexpectedly heavy strain on the business of Saurer Spinning Solutions GmbH & Co. KG’s business was unexpectedly burdened.

In the past two months of the self-administration proceedings, the company has experienced a brilliant development as a result of the immediate stabilisation of business operations through self-administration and a generally good market momentum. The order intake was also increased to an unprecedented level during the insolvency proceedings.

Parallel to the operational tasks and the securing of stable financing, a limited investor process was initiated on the part of the proprietary and non-cash management, which was accompanied by IMAP M&A Consultants AG.

In the course of this investor process, a newly formed joint venture (https://www.rieter.com/de/medien/medienmitteilungen/newsdetail/rieter-erwirbt-drei-geschaefte-von-saurer) consisting of the previous shareholder and the listed Swiss Rieter Group prevailed over an international field of renowned strategists and financial investors.

With the investor solution that has now been found, the associated withdrawal of the insolvency petition and a 100% satisfaction of creditors, one of the fastest and most successful insolvency proceedings ever in Germany has been achieved.

The insolvency application was withdrawn on 17 August 2021. On the same date, the Aachen Insolvency Court lifted all protective measures.

To ensure a smooth transition, the team around Sven Tischendorf will continue to be available to the new management of Saurer Spinning Solutions GmbH & Co. KG will continue to be at the disposal of the new management.

With a large number of market-renowned self-administration proceedings already successfully concluded in 2020/2021, act AC Tischendorf’s insolvency and restructuring practice, led by partners Dr Sven Tischendorf, MBA and Dr Alexander Höpfner, is one of the market leaders in Germany.

Saurer self-administration: act AC Tischendorf Rechtsanwälte, Frankfurt: Dr. Sven Tischendorf, MBA (Lead, General Representative, CRO), Dr. Alexander Höpfner (Lead, General Representative, CIO), Dr. Felix Melzer (Litigation), Dr. Fabian Laugwitz, MBA, LL.M (Commercial)

Saurer’s trustees: andres partner, Düsseldorf: Dr. Dirk Andres, Dr. Claus-Peter Kruth, Daniel Salzburg