Georg Group, with annual sales of almost 90 million euros, is a leading manufacturer of drop-forged parts with an exceptionally wide range of product weights and is responding to the tougher market conditions and economic challenges by initiating protective shielding proceedings at the beginning of December 2023. The group, which includes the holding company Georg Group GmbH and the three operating companies Georg Umformtechnik GmbH, GHV Schmiedetechnik GmbH and P.G.S. Plettenberger Gesenkschmiede GmbH, is an essential player in the automotive and mechanical engineering industries.
The four Georg Group companies are restructuring via self-administration (debtor-in-possession proceedings). Rimon Falkenfort is providing legal support to the companies, which are located in North Rhine-Westphalia and Rhineland-Palatinate. Partner Oliver Otto is advising on the Insolvency proceedings, while Michael Magotsch and Stephan Kleemann are providing support on employment law and civil procedural issues respectively.
The debtor-in-possession proceedings opened in March and May 2024 will give the group the opportunity to explore restructuring options and take the best possible measures to satisfy creditors. Existing management will be supported operationally in close cooperation by the appointed Chief Restructuring Officer (CRO) Dr. Andreas Stoltze, who has extensive expertise in the operational restructuring of supplier companies. The experienced Rimon Falkenfort team will provide insolvency-specific advice. Thomas Rittmeister of Reimer law firm has been appointed supervising administrator by the court and is overseeing the self-administration on behalf of the creditors. The restructuring is expected to be implemented and completed in the second half of 2024.