Manufacturing and Engineering
Manufacturing and Engineering
As the manufacturing sector emerges from the global recession, earnings should move into positive territory.
However, many businesses remain vulnerable to other significant risks, including currency fluctuations and competitive tender processes as well as political uncertainty in key export markets, such as the EU and Russia.
Our Approach
Our experience, gleaned from decades spent in support of the sector, demonstrates that appropriate restructuring advice for companies in distress will help them steer a sensible path towards continued trading.
Our approach is holistic in nature; in many situations the root of the problem is not simply financial – this is often just the symptom. Our experience means we also review sales and marketing structures, product line and competitor analysis, combined with production system efficiencies, as well as supplier arrangements. This intelligence enables us to put forward sound and commercially viable solutions that will assist the business in getting back on track.
Our expertise is also supported by our dedicated team of specially selected financial and operational directors with first-hand experience of working within the sector. All have held senior positions and have an enviable track record in areas such as sales and marketing and operational matters.
In the unfortunate circumstance that an organisation is unfit to continue trading in its current form, we can provide a number of options best suited to the needs of the business which will help secure jobs and maintain vital supplier relationships. As a leader in the practice of implementing company voluntary and scheme arrangements, we are perfectly positioned to offer support in this complex area.
By bridging funding gaps, reviewing and restructuring operations to make them lean and fit for purpose, BTG Global Advisory have helped organisations find relief from the considerable challenges of negotiating with creditors, allowing them to run their business and take advantage of opportunities to move the company forward profitably.
Related Case Studies
Manufacturing and Engineering
MBL Akustikgeräte GmbH & Co. KG.: Investor solution
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.
Manufacturing and Engineering
Lilium GmbH and Lilium Aerospace GmbH: Selling Patent Portfolio
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.
Manufacturing and Engineering
MBL Akustikgeräte GmbH & Co. KG.: Investor solution
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.
Manufacturing and Engineering
Heibad
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.
Our Other Industry Experience