Lawyer Dr. Freudenberg had been responsible for the reorganisation of company. As a supplier to the automotive industry, Paatz Viernau experienced challenges due to significant order delays and long project durations among other reasons. Following the adoption of the insolvency plan on 18 April 2018, the proceedings have now been completed as of end of May by Meiningen district court. Unsecured creditors will receive a guaranteed recovery rate of approx. 61 percent: “This result is not something to be taken for granted, but shows what the people involved in the proceedings have achieved with their hard work and commitment. Primarily, this includes the employees but also the company’s customers, suppliers and financing partners. The cooperation with the committee of creditors was constructive throughout and has contributed to the successful continuation of the company,” explains Dr. Freudenberg.
New owner secures the location in Thuringia
As part of the reorganisation and as one of the foundations of the insolvency plan, a structured M&A process was conducted. As of 1 June 2018, Heller GmbH, Nürtingen, will take over Paatz Viernau GmbH including all 125 employees. As a specialist for the manufacturing of clamping fixtures and multi-spindle heads, Paatz is an important supplier to medium-sized companies. With EUR 613m, the internationally operating HELLER Group hit a new record in terms of order intake in the year 2017. The Southern German machine tool manufacturer employs approx. 2,600 people worldwide, including 1,700 staff in Germany. “Paatz remains an important supplier to HELLER. Additionally, the company will continue to operate independently of HELLER in the market,” Klaus Winkler, Managing Director of HELLER GmbH, stresses. For this purpose, the location in Thuringia will not only be maintained but further expanded. Bernd Malzahn, the previous Managing Director of Paatz will also stay on board. He says: “With our new strategic investor we will emerge stronger from the crisis. Currently we have a historically high order backlog and aim to grow further. Significant investments are already planned and we are looking for qualified specialists from within the region to expand our workforce.”
About Tiefenbacher Insolvenzverwaltung
With 45 lawyers and more than 130 employees, Tiefenbacher Rechtsanwälte represents large and medium-sized companies, banks and financial service providers within Germany and abroad. The 70- strong receivership team covers the entire portfolio of administrative tasks and has already managed 3,000 proceedings. For more than 25 years, Tiefenbacher Insolvenzverwaltung has been committed to the continuation of debtor companies under receivership and a subsequent transferring reorganisation or an insolvency plan – always with the goal to achieve the best possible satisfaction of creditors, preserving the companies and the jobs.
About Paatz Viernau GmbH
The company dates back to a family workshop founded in 1890. Already in 1935, the company produced drill heads. Following an eventful history in the GDR and after the reunification in 1989, today’s Viernau GmbH was founded in 1993. The insolvency proceedings opened on 1 June 2017, ended in May 2018 as part of an insolvency plan with the continuation of the business. Heller GmbH, Nürtingen, now holds 100% of shares. Mr Bernd Malzahn remains Managing Director of the company. At its location in Viernau in Thuringia, Paatz employs 125 staff manufacturing multi-spindle heads and advanced clamping fixtures primarily for the automotive and the machine tool industry.