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GT Restructuring and hww successfully advise automotive supplier on restructuring in self-administration

GT Restructuring, the restructuring unit of Greenberg Traurig in Germany, has successfully advised Heck + Becker, a mold and tool making company based near Marburg, in its debtor-in-possesion proceedings. GT Restructuring attorney Gordon Geiser was appointed as Chief Restructuring Officer for the duration of the proceedings.

The Marburg District Court appointed attorney Julia Kappel-Gnirs from law firm hww hermann wienberg wilhelm Rechtsanwälte in Frankfurt am Main as trustee in the proceedings.

After just over four months, creditors have now accepted the insolvency plan submitted by the company with an approval rate of 100 percent. The proceedings can therefore be lifted at short notice. Thus, in only five months, the company appears to have been stabilized in a very difficult market environment in a way that business operations can be continued on a sustainable basis and more than 100 jobs can be preserved.

Heck + Becker is reported to be one of the most successful mold and tool making companies in the field of aluminium die-casting. Since the 1990s, the company has focused exclusively on the production of sophisticated die casting molds and is thus involved in the development of innovative technologies in the automotive industry. The company notes it also operates a modern integrated die casting technology center. With its own casting facility, Heck + Becker can produce and test prototypes under series conditions, which shortens the development cycle, the company reports.

Factors cited as reasons for the procedure was the difficult market situation in the entire automotive supplier industry, which lasted for months. The resulting decline in orders due to the accelerated shift towards electromobility and the diesel crisis led to an increasingly difficult earnings situation. The economic impact of the COVID pandemic further exacerbated the situation.

About Greenberg Traurig: Greenberg Traurig, LLP (GT), has approximately 2200 attorneys in 40 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. The firm is net carbon neutral with respect to its office energy usage and Mansfield Rule 3.0 Certified. Web: www.gtlaw.com