Hakle GmbH has begun to reorganise itself with the help of self-administration proceedings. This will enable the company to press ahead with restructuring under its own management.
Planned reorganisation of the tradition-rich hygiene paper manufacturer
In the insolvency proceedings, the business operations of the medium-sized company are to be continued in full. "The self-administration offers us the necessary flexibility and speed to sustainably restructure our business and to reposition it entirely in the interests of our employees, customers and creditors. We are confident that this reorganisation will succeed in this challenging situation of an energy crisis that can be described as historic and that we will be able to continue to develop in a future-oriented manner thanks to the tireless commitment of our employees and our strong innovative power. It is about preserving the location and its jobs," says Volker Jung, Managing Director of Hakle GmbH.
The hygiene paper manufacturer with its traditional brands such as Hakle, Hakle Feucht and Servus faces challenging tasks in the coming months. The first steps to stabilise the company were taken immediately. "We have already informed our employees comprehensively about the current situation and the procedure at a works meeting and will accompany and support them in the best possible way during this time. As a result, the entire workforce and the works council have signalled their express support for the restructuring project. This response gives us the necessary strength and support for the tasks ahead," explains Managing Director Volker Jung.
It is important for our employees that their wages and salaries are secured by the insolvency compensation from the Federal Employment Agency for the months of September up to and including November 2022. Important customers and partners of the company have already signalled their support.
External restructuring expertise is also on board
In addition, the managing director is supported by the team of Dr. Matthias Kampshoff from the law firm McDermott Will & Emery and the restructuring experts of AMBG Adiutor Management- und Beratungsgesellschaft mbH. In the insolvency proceedings in self-administration, the management of the hygiene paper manufacturer around Volker Jung remains responsible for the operative business.
The managing director will be assisted by the lawyer and restructuring specialist Dr Jan-Philipp Hoos from White & Case as provisional administrator. The court appointed him with today's order.
Current energy and material prices drove the company into a corner
The tradition-rich company was caught in the maelstrom of current events: Since the beginning of the Corona Pandemic 2020, the energy-intensive paper industry has been subject to severe distortions in the globally operating raw materials, logistics and energy market. For three years now, the companies have been struggling with greatly increased challenges - especially in the gas and electricity sector. This has been the case since around autumn 2021, with a situation that can be described as historically aggravated since the start of the war in Ukraine.
The massively increased costs for material and energy procurement as well as transports could not yet be passed on to customers in the food retail trade and the drugstore sector to a temporally and/or economically sufficient extent.
The decision of the Düsseldorf District Court in favour of self-administration should positively support the proceedings and shorten their duration in the interest of all employees, customers and creditors.
www.hakle.de
