ALNO insolvency: Gleiss Lutz advises insolvency administrator on sale of ALNO subsidiary pino Küchen
Gleiss Lutz has provided extensive legal advice to Prof. Dr. Martin Hörmann, insolvency administrator of insolvent kitchen manufacturer ALNO and its insolvent subsidiary pino Küchen, on the sale of the company pino Küchen. The purchaser is a group of investors headed by kitchen furniture manufacturer nobilia. The creditors’ committee have agreed to the sale and the Federal Cartel Office has meanwhile also given its approval. The parties have agreed not to disclose the details of the contract. The business, trademark rights and around 230 employees passed to the purchaser as of 1 October 2017.
ALNO group is one of the leading kitchen manufacturers in Germany, employing around 1,900 employees at four international production sites where a full range of kitchens is produced for domestic and international markets. With over 6,000 distributors, ALNO group operates in more than 64 countries worldwide.
Several companies of ALNO group have been undergoing standard insolvency proceedings, for which Martin Hörmann was appointed insolvency administrator, since the end of August 2017. Prior to that, Hechingen Local Court had appointed him provisional insolvency monitor for the preliminary insolvency proceedings in self-administration.
Upon the application of the boards of management of the companies concerned, the application for insolvency proceedings in self-administration was withdrawn at the end of August. With its annual production of 660,000 kitchens, nobilia is Europe’s largest kitchen manufacturer and the market leader in Germany. With around 3,000 employees, the company manufactures its products exclusively in Germany.
The following Gleiss Lutz team of lawyers led by Dr. Andreas Spahlinger (partner) advised Prof. Dr. Martin Hörmann, the competent insolvency administrator, on the transaction: Dr. Matthias Tresselt (partner), Friedrich Schlott (all Stuttgart, all insolvency law), Dr. Jörn Wöbke (partner), Dr. Nadja Al-Wraikat (both Hamburg, both Corporate/M&A) along with Dr. Moritz Holm-Hadulla (partner) and Ute Schenn (both competition/antitrust, both Stuttgart).