Support during insolvency procedures

Company Fashion and sport retail; 60 branches in Germany and Austria;

Revenue of €285 million; 2,000 employees
Project type and duration Help with liquidation following insolvency, three years
Our role Interim managing director/liquidator/consultant at several group companies
Background Despite the restructuring process running to plan, the banks involved wanted to terminate their credit facilities. The company was forced to apply for bankruptcy. Consequently, the entire group was affected, including its subsidiaries abroad
Remit and results

The insolvency administrator required professional assistance as quickly as possible in a complex, time-critical situation and engaged the MSP manager to work with the insolvency team in a wide range of areas and roles, such as:

  • Negotiations with creditors (suppliers and banks)
  • Negotiations with investors
  • Remarketing major assets, including shareholdings, property and brands
  • Winding up and liquidating various group companies
  • Optimising operating profit, initially as a going concern run by the administrator, then as part of the liquidation

When a restructuring by transfer (übertragende Sanierung) became impossible and the company could not be run as a going concern by a new owner, we supported the insolvency administrator until the process was completed. The value of the assets was much higher than the administrator expected.