Our Case Studies

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.

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.

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.

THEO WORMLAND GmbH is an established men’s fashion retailer with multiple stores in Germany. The company is known for its wide range of brands and exceptional shop architecture. Excellent customer service and competent advice are central to its approach. Like many fashion retailers in Germany, WORMLAND also felt the effects of persistently high inflation, which reduced customers’ purchasing power. In addition, the company was unable to fully compensate for inflation-related cost increases, particularly for rent, energy, logistics and staff. Faced with these economic challenges, WORMLAND entered into self-administration restructuring proceedings. Attorney Mr Torsten Gutmann from PLUTA oversaw the proceedings as insolvency monitor in the interests of creditors.

Having filed its application in early 2024, WORMLAND was then supported by a restructuring team from PLUTA Rechtsanwalts GmbH. Insolvency monitor Mr Torsten Gutmann oversaw the self-administration proceedings and represented the interests of the creditors. During the initial phase, the focus lay on stabilising the business and keeping the stores open. Management implemented targeted restructuring measures. In parallel to this, detailed discussions were held with potential investors with a view to finding a solution for the future of the company. The adjustment of leases was a decisive success factor that led to a considerable reduction in running costs and improved the company’s liquidity. Family business Lengermann & Trieschmann (L&T) based in Osnabrück came on board at WORMLAND as a strategic investor. L&T operates one of Germany’s largest owner-managed lifestyle and experience centres in the retail and leisure sector.

During the protective shield proceedings, the company was able to restructure itself under court supervision. The creditors approved the insolvency plan by majority vote at the discussion and voting meeting. The solution was of benefit to them, as it significantly increased the recovery rate on their claims. The takeover safeguarded around 300 jobs across Germany. WORMLAND is now on a stable footing for the future and can continue to offer its fashion concept.

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.

Financial Advisor to the Official Committee of Unsecured Creditors of American Airlines in their Chapter 11 bankruptcy proceeding; participated in the assessment of a standalone restructuring vs. a U.S. Airways-led merger; analyzed the recovery to unsecured creditors under both scenarios.

Advising Alitalia the Italian national airline in developing restructuring and turnaround plan, submitting the plan and recapitalisation proposals to the European Commission, and in negotiating EC approval of the US$ 2bn recapitalisation via state aid.

Assignment for the European Commission to verify the Portuguese Government’s report on the implementation of TAP's restructuring plan, and its fulfillment of the conditions set down in the EC's decision permitting state aid.