Die Giesserei Schmidt GmbH & Co. KG kann den Betrieb fortsetzen. Für den Cuxhavener Traditionsbetrieb wurde ein Investor gefunden, der den Betrieb vollständig und unter Erhaltung aller 57 Arbeitsplätze übernimmt. Zugleich übernimmt der bisherige Betriebsleiter Peter Heinze die Geschäftsführung.
Bei dem Investor handelt es sich um Jens Jäger, der über eine umfangreiche Erfahrung in der Sanierung von Unternehmen verfügt. Jäger sieht erhebliches Potential in beiden Gießereistandorten und plant umfangreiche Investitionen sowie Neueinstellungen.
The foundry Schmidt GmbH & Co. KG can continue operations. An investor has been found for the traditional Cuxhaven-based company, who will take over the business in its entirety while retaining all 57 jobs. At the same time, the previous plant manager Peter Heinze will take over the management.
The investor is Jens Jäger, who has extensive experience in turning around companies. Jäger sees considerable potential in both foundry sites and plans extensive investments as well as new hires.
Introduction
Every secured lender hates to hear it: Yet another statutory scheme could potentially cause the lender to lose its first priority security interest in certain collateral. While the Perishable Agricultural Commodities Act (PACA) has been around since 1930, it is often forgotten or overlooked by many lenders. However, to the extent that a lender's collateral includes perishable agricultural commodities, such as when the borrower is a restaurant or grocery store, PACA can present significant risks for a lender.
PACA Basics
In the latest ground breaking decision in Re Guy Kwok-hung Lam[2023] HKCFA 9, the Court of Final Appeal dismissed the appeal and laid to rest a long-standing debate on the vexing question concerning the impact, if any, exclusive jurisdiction clauses (EJCs) have on the presentation of bankruptcy petitions.
The High Court has handed down the most significant decision on restructuring plans since Virgin Active in 2021, applying cross-class cram down to an ad hoc group of dissenting noteholders (the AHG).
Background
The insolvency statistics released for March 2023 demonstrate the impact of turbulent trading climates on UK businesses, in particular soaring costs and decreased consumer spending.
The March 2023 insolvency statistics show that UK corporate insolvencies have risen 16% year-on-year and 38% since February 2023.
The High Court refused to sanction the restructuring plan put forward by Nasmyth Group Limited (Nasmyth) pursuant to Part 26A of the Companies Act 2006 on 28 April 2023, despite both statutory conditions for cross-class cram down having been met.
Meanwhile, judgment is awaited in respect of the restructuring plan put forward by The Great Annual Savings Company Limited (GAS), which was proceeding simultaneously to Nasmyth and which also seeks to cram down HMRC.
Dismissal of a bankruptcy—for bad faith filing—is a rarity.
So, how a bankruptcy court grapples with the bad faith issue . . . and ends up dismissing the bankruptcy . . . can provide a lesson for us all.
What follows is a summary of how a Chapter 11 bankruptcy is dismissed when the Court is convinced that the bankruptcy is intended for the benefit of a non-debtor . . . and not for the benefit of the debtor or its creditors.
The UK’s latest quarterly insolvency statistics have been published and, as predicted, continue to show a high rate of insolvencies, both in relation to pre-pandemic numbers and by comparison to last year’s Q1 results. The Q1 2023 statistics show a 18% increase in the overall number of registered company insolvencies from Q1 2022 and a 4% decrease from Q4 2022, with a total of 5,747 company insolvencies (seasonally adjusted) during this past quarter.