Global law firm Dentons has successfully advised the automotive supplier Bfw Blechformwerke Bernsbach GmbH within the context of a protective shield proceeding during the acquisition by Meleghy & Cie. Automotive GmbH. The insolvency plan drawn up by Dentons on behalf of Blechformwerke Bernsbach GmbH was unanimously accepted at the creditors’ meeting held on September 13, 2013 and was confirmed by the local court of Chemnitz on the same day.
The restructuring plan’s creditor and shareholder groups have all agreed to the restructuring plan. Thus, Blechformwerke Bernsbach GmbH, with the support of Dentons, was able to tackle the main obstacle standing in its way to sustainable reorganization and continuation. As soon as the restructuring plan is deemed effective, the ongoing insolvency proceedings will be terminated. The capital measures provided for in the plan – approved by vote at a creditor’s meeting, based on the reformed insolvency law of March 1, 2012 – will be enforced. Due to a capital decrease to zero with subsequent capital increase the former shareholders will leave the company. Meleghy & Cie. Automotive GmbH, as the new sole shareholder, takes over the new company shares of Blechformwerke Bernsbach GmbH.
In May the local court of Chemnitz approved the request for a protective shield proceeding filed by Bfw with the assistance of Dentons, ordered temporary debtor-in–possession proceedings of Bfw, and appointed attorney Rüdiger Wienberg as preliminary custodian. Thereafter, the court opened the insolvency proceedings of Bfw’s estate on August 1, 2013. René Arndt, appointed as reorganization director of Blechformwerke Bernsbach GmbH only a few months prior, made a major contribution to the reorganization and implementation of the transaction.
Dentons’ advisory team, led by German Managing Partner, Andreas Ziegenhagen, advised Bfw on all issues in the context of the protective shield proceeding.
Bwf has become a recognized partner of the German automotive industry during its 100 year history. It supplies motor vehicle parts including serial parts, components and spare parts to the automobile industry. Its main customers include Audi, BMW, Daimler, Opel and Volkswagen.
Meleghy automotive is a medium-sized family business with several decades of experience in the automotive and sheet metal forming industry. With the acquisition of Bfw, Meleghy Automotive will be able to expand its leading position in the marketplace further. In May of last year the shareholders of Meleghy & Cie. Automotive took over the Neef-Group, specializing in the pressing technique and joining technology, and their 420 employees.
Following the recent implementation of the German reform of insolvency law (ESUG), Dentons has advised on several successful insolvency proceedings, including for SOLARWATT AG – the first protective shield proceeding in the solar industry – and for the insolvency plan proceedings for Berliner Geyer-Gruppe.
Advisor Seller/Bfw Blechformwerke Bernsbach:
Dentons (Berlin): Andreas Ziegenhagen, Dr. Bernd Schumann, Dirk Schoene, Dr. Detlef Spranger, Dr. Hanna Kappstein (each in the area of restructuring), Steffen Langner, Andreas Braunsdorf (both certified accountants), Hauke Thieme und Dr. Sebastian Krieg (both in the area of Tax)
Trustee:
hww wienberg wilhelm: Rüdiger Wienberg, Michael Döhner
