A proven track record is the best way to demonstrate our strength and depth of expertise. Below are examples of our team’s recent appointments.
BenQ Mobile GmbH
The insolvency proceedings for BenQ Mobile GmbH & Co. OHG (Mobile Abwicklungsgesellschaft GmbH & Co. OHG) was a large case. The former mobile phone manufacturer had a workforce of more than 3,000 employees and generated revenues of approximately € 2.4 billion. The insolvency Administrator, Dr. Martin Prager of PLUTA Rechtsanwalts GmbH achieved a recovery rate of more than 80 % for the creditors during the proceedings.
Michael Pluta at the Ulm office of PLUTA Rechtsanwälte GmbH and Nigel Atkinson of Begbies Traynor in London were appointed to act as Insolvency Trustee and as Joint Administrators respectively in Germany and the UK to the non-American operations of the US-based TallyGenicom Group a well-respected brand and a market leader in back-office printing solutions.
Michael Pluta was able to sell major parts of the company. The insolvency administrator was able to pay out a dividend of about 25% to the creditors.
Begbies Traynor supported European sales/service operations, provided accounting/IT support across EMEA and disposed of most of the UK business and assets as a going concern, which also enhanced UK debtor recoveries and overseas stock sales at cost plus. Preferred creditors were paid in full and unsecured creditors have received a dividend.
Realtime Worlds Inc.
We were appointed as restructuring advisors to this leading Colorado based computer games developer who won two BAFTAs in 2007. Our teams were operating simultaneously in the US and UK. We were subsequently appointed administrators to the UK based software development subsidiary and successfully sold the Intellectual Property Rights to US based, GamesFirst.
Endicott Interconnect Technologies Inc.
We were appointed as financial advisor to the official committee of unsecured creditors in the Chapter 11 filing of Endicott Interconnect Technologies Inc. (EIT). EIT the successor to IBM Corporations’ microelectronics division, is a supplier, designer and fabricator of advanced electronic packaging solutions, including printed circuit boards and advanced flip chip and wire bond semiconductor packages. We monitored the section 363 asset sale process, evaluated Debtor cash flow activity and traced the flow of funds related to pre-petition debt financing transactions. The end result was a successful sale to Integrian Holldings LLC, which enabled a reasonable recovery for unsecured creditors and ensured an on-going entity.