Knapheide Hydraulik-Systeme: WAYES accompanies insolvency proceedings in self-administration
Together with the reorganization and restructuring experts Prof. Dr. Gerrit Hoelzle and Dr. Thorsten Bieg from the law firm GÖRG, an experienced WAYES team led by Michael Rabe and Hamed Omumi is assisting Knapheide Hydraulik-Systeme with insolvency proceedings in self-administration. Stephan Michels was appointed as provisional administrator.
The Knapheide Hydraulik-Systeme group of companies produces and supplies hydraulic systems for earthmoving and agricultural machinery manufacturers as well as conveyor belts and is also active in metalworking. The massive material price and energy cost increases as well as the disrupted supply chains and the war in Ukraine are the reason why the company as part of the manufacturing industry has been significantly affected. Solutions are now being developed as a team to enable another well-known industrial company in Germany to find a way out of the unavoidable consequences of the current economic crisis.
The company has already made first promising approaches to investors. With the approval of the provisional creditors’ committee, the WAYES M&A team has now been commissioned to continue the investor process that has already begun within the framework of self-administration. In addition, the pre-financing of insolvency payments for the 400 employees of the company has already been initiated in order to secure the continued payment of wages until the end of January 2023.