Gleiss Lutz advises on insolvency proceedings of Papierfabrik Hainsberg
Gleiss Lutz has advised Papierfabrik Hainsberg, a paper producer based in Saxony with a long-standing heritage, on its insolvency proceedings in self-administration, assisting with the joint development of an insolvency plan. The insolvency proceedings in self-administration commenced with effect on 1 June 2017 when Dresden Local Court tasked the company with developing a restructuring plan. Provisional completion of the self-administration procedure took place in early February after the creditors unanimously approved the insolvency plan - submitted on 3 January 2018 - on 30 January 2018. Operations had continued without interruption throughout the entire insolvency proceedings.
Papierfabrik Hainsberg, headquartered in Freital, Saxony was founded in 1838 and, with its 120-strong workforce, is considered an important regional employer. Today the company produces recycling printing paper for its printing paper, office paper, envelope paper and special packaging paper products. Its financial woes resulted from construction measures on a building housing paper machinery, which had to be conducted without disrupting operations and also proved more complex and expensive than expected.
The following team of Gleiss Lutz lawyers, led by Dr. Matthias Tresselt (partner, restructuring, Stuttgart), advised on the insolvency proceedings: Friedrich Schlott (restructuring, Stuttgart), Dr. Stefan Mayer (partner) and Dr. Ocka Stumm (both tax, Frankfurt).