Our Case Studies

MBL Akustikgeräte has been producing audio devices of uncompromising quality for decades. It manufactures all loudspeakers and electronics at its own production facility near Berlin. MBL’s Radialstrahler loudspeakers have an outstanding reputation among audiophiles and music aficionados worldwide. The company is a leading brand in high-end audio. The business filed for insolvency due to liquidity problems. PLUTA restructuring expert Mr Frank Brachwitz was appointed insolvency administrator. 

The business remained fully operational after filing for insolvency, and a structured M&A process was initiated. Attorney Mr Frank Brachwitz worked with MBL management to search for an investor for the company. This process was conducted with an international focus, and Mr Brachwitz was able to bring it to a successful conclusion following detailed contractual negotiations.

The insolvency administrator achieved a solution four months after the proceedings had been opened. MBL’s operations were sold to Chow Tai Seng, a Chinese luxury goods group, by way of an asset deal. The Berlin location and the Eberswalde production facility have been maintained. All 50 or so employees have been kept on by the new owner. The creditors can expect a 100% recovery rate.

Founded near Munich in 2015, Lilium was developing an electric vertical take-off and landing (eVTOL) aircraft – the Lilium Jet. The start-up company went public on the US technology exchange NASDAQ in 2021. It had around 1,200 employees working on production setup and battery technologies. Overall, it invested some 1.5 billion euros in bringing the aircraft to market, but ran into financial difficulties. Lilium had to file for insolvency in 2024. Mr Ivo-Meinert Willrodt from PLUTA is the insolvency administrator for Lilium GmbH and Lilium Aerospace GmbH. These were involved in self-administration insolvency proceedings from October 2024 and then in regular insolvency proceedings since March 2025 after the sale of the company had fallen through. Mr Wolfgang Bernhardt is insolvency administrator for the holding company Lilium N.V.

The German electric aviation pioneer owned the intellectual property rights. Lilium’s patent portfolio included over 300 patents covering innovations in high-voltage systems, battery management, advanced aircraft design, flight controls, electric engines, propellers and ducted fans for eVTOL aircraft. Mr Ivo-Meinert Willrodt conducted a complex bidding process for the sale of the patent portfolio as part of the insolvency proceedings.

Insolvency administrator Mr Ivo-Meinert Willrodt sold the patents and registered intellectual property rights to Archer Aviation, a US-listed company. The purchase price is in the low to mid double-digit million euro range. After lengthy negotiations in a complex transaction process, Archer prevailed in the bidding. The sale to Archer offers the highest level of transaction and execution certainty. The creditors will also benefit from this outcome.

MBL Akustikgeräte has been producing audio devices of uncompromising quality for decades. It manufactures all loudspeakers and electronics at its own production facility near Berlin. MBL’s Radialstrahler loudspeakers have an outstanding reputation among audiophiles and music aficionados worldwide. The company is a leading brand in high-end audio. The business filed for insolvency due to liquidity problems. PLUTA restructuring expert Mr Frank Brachwitz was appointed insolvency administrator.

The business remained fully operational after filing for insolvency, and a structured M&A process was initiated. Attorney Mr Frank Brachwitz worked with MBL management to search for an investor for the company. This process was conducted with an international focus, and Mr Brachwitz was able to bring it to a successful conclusion following detailed contractual negotiations.

The insolvency administrator achieved a solution four months after the proceedings had been opened. MBL’s operations were sold to Chow Tai Seng, a Chinese luxury goods group, by way of an asset deal. The Berlin location and the Eberswalde production facility have been maintained. All 50 or so employees have been kept on by the new owner. The creditors can expect a 100% recovery rate.

Founded near Munich in 2015, Lilium was developing an electric vertical take-off and landing (eVTOL) aircraft – the Lilium Jet. The start-up company went public on the US technology exchange NASDAQ in 2021. It had around 1,200 employees working on production setup and battery technologies. Overall, it invested some 1.5 billion euros in bringing the aircraft to market, but ran into financial difficulties. Lilium had to file for insolvency in 2024. Mr Ivo-Meinert Willrodt from PLUTA is the insolvency administrator for Lilium GmbH and Lilium Aerospace GmbH. These were involved in self-administration insolvency proceedings from October 2024 and then in regular insolvency proceedings since March 2025 after the sale of the company had fallen through. Mr Wolfgang Bernhardt is insolvency administrator for the holding company Lilium N.V.

The German electric aviation pioneer owned the intellectual property rights. Lilium’s patent portfolio included over 300 patents covering innovations in high-voltage systems, battery management, advanced aircraft design, flight controls, electric engines, propellers and ducted fans for eVTOL aircraft. Mr Ivo-Meinert Willrodt conducted a complex bidding process for the sale of the patent portfolio as part of the insolvency proceedings.

Insolvency administrator Mr Ivo-Meinert Willrodt sold the patents and registered intellectual property rights to Archer Aviation, a US-listed company. The purchase price is in the low to mid double-digit million euro range. After lengthy negotiations in a complex transaction process, Archer prevailed in the bidding. The sale to Archer offers the highest level of transaction and execution certainty. The creditors will also benefit from this outcome.

The SPARKS Group is an IT and software service provider for customers in the automotive sector. It has been offering high-quality software and consulting solutions for leading automakers such as Porsche, Audi and VW since it was established in 2012. Given the difficult market environment, the SPARKS Group initiated self-administration proceedings to equip itself for the future. Several companies in the SPARKS Group were affected by the filing. Mr Ivo-Meinert Willrodt and Mr Hans-Christian Kaellner, restructuring experts at PLUTA Rechtsanwalts GmbH, supported the repositioning as general agents.

The group remained fully operational during the proceedings. Customers were able to rely on the familiar quality and reliability of its services, and key business relationships were further deepened during the restructuring. The focus lay on preparing a comprehensive restructuring concept and reviewing the various possible solutions. A structured M&A process was also launched. In less than three months after the company filed, the PLUTA team found an investor. Following the completion of a bidding process, the purchase by way of an asset deal was concluded.

ACONEXT SPARKS GmbH acquired three companies and around 60 employees by way of an asset deal. SPARKS BW GmbH, SPARKS IN GmbH and SPARKS Solutions GmbH were included in the transaction. Both sites in Ingolstadt (Bavaria) and Heimsheim (Baden-Württemberg) have been preserved. The investor ACONEXT was established in 2014. It is a mid-sized technology consultancy with high-profile customers, specifically premium automakers, system suppliers and companies in the aviation industry. ACONEXT is continuing to pursue its expansion strategy with this acquisition and will leverage synergies to further expand its market position with key customers.

Kurt Erxleben GmbH & Co. KG is a supplier of formed parts for the automotive industry. The company from Wildeshausen in Lower Saxony has over 50 years of experience and has focused on mechanical sheet metal processing since 1972. It has customers in the automotive and agricultural engineering sectors as well as other sheet metal working industries. The company processes steel, aluminium, stainless steel and spring steel. Supplying formed parts presented the company with major challenges, as cost increases could not be passed on directly to customers. Kurt Erxleben responded by entering self-administration restructuring proceedings. Dr Christian Kaufmann from PLUTA Rechtsanwalts GmbH supported the restructuring as general agent.

After filing its application in early 2024, Kurt Erxleben continued operating without restriction. A restructuring team from PLUTA Rechtsanwalts GmbH supported the company during the entire proceedings and implemented the necessary measures. A structured M&A process was also conducted. After more than a year of maintaining operations under self-administration proceedings and despite the challenging market environment, an investor willing to take over the business and keep on all employees was found.

The self-administration proceedings offered an opportunity to stabilise the company’s financial position and strengthen its competitiveness at the same time. Renowned company Max Valier Holding came on board as a strategic investor. The group specialises in the acquisition and development of medium-sized engineering, production and service companies in the commercial and industrial sectors. The takeover by way of an asset deal saved the jobs of the approximately 160 employees and 100 agency workers. The solution ensured the survival of the brand and the business and also represents the best possible outcome from the creditors’ perspective.

Heibad is a midsize company based in the Franconian Lake District. It designs and produces bathroom furnishings with the hallmark of ‘Made in Germany’ quality. Production takes place in Heideck (Bavaria) at a facility covering some 10,000 square metres. The company uses high-quality materials and components from well-known manufacturers within its own production setup. This results in bathroom furnishings of the highest quality. The company was founded in 2000. Initially, heibad was purely a distribution business. Today, it is an industrial enterprise with its own production facilities. heibad filed for insolvency to respond to the economic challenges it was facing. The local court appointed restructuring expert Mr Peter Roeger from PLUTA Rechtsanwalts GmbH as provisional insolvency administrator.

The business remained fully operational after the application for insolvency had been filed. The wages and salaries of the some 120 employees were guaranteed for a period of three months thanks to specific substitute benefits provided under German insolvency law. The business partners were supportive of the efforts to keep the company operating. Trade fairs were also attended as planned. At the same time, the PLUTA team conducted a structured M&A process. The aim was to find a long-term solution for the company. Just two months after the company had filed for insolvency, the team was able to secure an investor.

The Config I/O Brands Group acquired heibad’s business operations by way of an asset deal. The acquisition strengthens the buyer’s position in the premium furniture segment. Operations at the Heideck facility will continue without disruption. More than 100 jobs have been saved. heibad will remain an independent entity with its own brand and structure. Moving forward, the company will continue to be a proven partner to specialist retailers. The acquisition is very good news for the creditors as well, as the insolvency administrator has been able to achieve the best possible outcome.

Sono Motors was founded in 2016 and is based in Munich. It secured its initial funding through a successful crowdfunding campaign. The company specialises in the development and production of solar technology in vehicles. Sono Motors also developed the Sion solar-powered electric car. The company announced a new strategy in February 2023. Since then, it has focused on retrofitting and integrating solar technology for third-party vehicles and fleet operators. The Sion project was discontinued. A plan was prepared to settle repayment claims relating to Sion reservations. However, the funding needed for this could not be raised. The company filed for protective shield proceedings in May 2023.

The protective shield proceedings offered Sono Motors GmbH the flexibility it needed to comprehensively restructure itself. Restructuring expert Mr Ivo-Meinert Willrodt from PLUTA Rechtsanwalts GmbH was appointed insolvency monitor for Sono Motors GmbH. Ms Marlene Scheinert assumed the same role for the parent company, Sono Group N.V. Initially, attention was given to the strategic realignment and the preparation of a robust restructuring plan. The company focused entirely on retrofitting and integrating its solar technology into third-party vehicles. Business operations were maintained during the proceedings. A repayment plan was drawn up for customers who had paid deposits for the discontinued Sion project. Just nine months after filing, Sono Group N.V. withdrew its self-administration application. The court confirmed and gave legal effect to the Sono Motors GmbH insolvency plan.

An insolvency plan was prepared for Sono Motors GmbH and this increased the recovery rate. Restructuring agreements were concluded with the creditors of Sono Group N.V. A US investor provided the financing for the insolvency plan, clearing the way for the termination of the holding company’s proceedings.

AWO Bezirksverband Ostwestfalen-Lippe e.V. is one of Germany’s largest social organisations and an independent, regional umbrella welfare association. The Workers’ Welfare Association (AWO) in the Ostwestfalen-Lippe region (OWL) supports people in all kinds of life situations. Its wide range of offerings includes 120 children’s day care centres, assistance for young people and families, and residential and nursing care provisions for the elderly. Its professional services are made possible thanks to the strong commitment of volunteers. It employs over 4,000 people. AWO OWL entered into self-administration proceedings in order to adapt its structures and reshape the association’s future. PLUTA restructuring expert Mr Stefan Meyer was appointed insolvency monitor. He oversaw the proceedings and represented the interests of the creditors.

AWO OWL initially prepared a comprehensive restructuring concept, which served as the basis for a detailed recovery plan. The foundations needed to reposition the district association were laid through structural changes. The PLUTA team supported the proceedings throughout. Just nine months after the association had filed for insolvency, the creditors approved the recovery plan. This ensured that a large part of AWO OWL’s facilities, offerings and services could be maintained.

After ten months of the process, AWO OWL was able to successfully conclude the court-supervised restructuring proceedings. The recovery plan was approved by 99.9% of creditors at the discussion and voting meeting. More than 4,000 jobs were saved and almost 200 facilities, offerings and services have also been preserved. The outcome puts AWO OWL in a financially solid position and means it will be stronger going forward.

A last-minute solution was able to be found during the self-administration proceedings of the well-known G-fashion Group. Despite the difficult conditions caused by the corona pandemic, an investor was found. While the investor process was ongoing, the textile retailer had to temporarily close its branches due to the lockdown. The contracts for the transferred restructuring, which had already gone through final negotiations, could therefore no longer be concluded as planned. While the management was already preparing to shut down operations and the branches were carrying out clearance sales after being partially opened, an agreement was finally reached with an investment company. Numerous employees have therefore kept their jobs. The PLUTA experts acted as custodians for three companies in the group and supported the proceedings in the interests of the creditors.