Airberlin Technik sold as asset deal by Falkensteg under the debtor-in-possession management of Frank Kebekus


Amidst debtor-in-possession management lead by Dr. Frank Kebekus as chief representative, airberlin technik GmbH has been sold to a consortium of acquirers comprised of Nayak and Zeitfracht in form of an asset deal effective 31.12.2017 .

During the insolvency proceedings of airberlin group, airberlin technik applied for debtor-in-possession management on 15.08.2017. Prof. Dr. Lucas Flöther from Flöther & Wissing Insolvenzverwaltung was appointed as trustee.  Airberlin technik was responsible for maintenance services for the aircraft fleet of airberlin group at five locations. With approx. 1000 employees, airberlin technik was one of the three largest maintenance service providers for aviation in Germany. The divestment process was primarily influenced by the workload dependence towards the airberlin fleet.

The insolvency proceedings via asset deal was only achieved through substantial labor-law reorganisation. Hereby, a social welfare oriented selection with a balance of interests according to the buyer concept was carried out in the shortest possible time. A transfer company was founded for approx. 70% of the employees and a new collective agreement was negotiated. A positive result could only be achieved through a very close and solution-oriented approach by all parties involved. The takeover thus secures approx. 30% of airberlin technik’s jobs.

The acquisition makes Nayak Aircraft Service GmbH & Co. KG Europe’s largest airline-independent maintenance service provider.

“The maintenance of approximately 300 jobs and the constant maintenance of the airberlin fleet are a major achievement of all those involved, especially the employees. I would like to express my special thanks to everyone involved”, says Dr. Frank Kebekus as General representative and advisor to debtor-in-possession management.


“With the sale of the business operations, it was possible to find the optimal solution for the creditors,” administrator Prof. Dr. Lucas Flöther explains.

Wolfgang Schepp, CEO of Nayak, was delighted by the successful transaction, “With the acquisition of airberlin technik, was as NAYAK can consolidate and expand our position as Europe’s largest airline-independent maintenance company. The expansion of our capacities, especially in Germany, improves our competitiveness and opens up important areas of business.”

Tillmann Peeters was also pleased by the successful sale, “At times we had to offer a company with excellent skills, but unfortunately without sales. Only when the uncertainties in the airline deal have diminished could the sale be sealed. In the end, the pragmatic approach of everyone involved was decisive.”


Debtor-in-possession management
Kebekus et Zimmermann
Dr. Frank Kebekus (solicitor)
Frank Schwarzer (solicitor)
Tobias Frommhold (labor law attorney)

Freshfields Bruckhaus Deringer LLP
Dr. Stephan Reemts (corporate lawyer)
Dr. Lennart Schramm (corporate lawyer)

Administration
Flöther & Wissing Rechtsanwälte
Prof. Dr. Lucas F. Flöther (trustee)

Consultant M&A (sell-side)
Falkensteg GmbH
Tillmann Peeters (Partner)
Johannes v. Neumann-Cosel (Partner)
Georg Verschuer (Associate)

Consultant NAYAK (buy-side)
Peter Jark (corporate lawyer) BBL Bernsau Brockdorff & Partner
Dr. Marcus Richter (labor law lawyer) GÖRG Rechtsanwälte
Sven Peters (financial advisor) Centuros GmbH

About Kebekus et Zimmermann

The law firm Kebekus et Zimmermann Rechtsanwälte works exclusively in the field of commercial law and has in particular many years of experience in insolvency and restructuring. In addition to insolvency administration and administration in self-administration proceedings, one of the main focuses of the firm’s activities is the support of complex restructuring processes in companies, both in the medium-sized sector and for national and international groups.

The law firm Kebekus et Zimmermann has held an important position in the German restructuring and insolvency environment for many years and was recently again voted “Best Lawyers 2016” by the Handelsblatt. Dr. Frank Kebekus was also named “Lawyer of the Year 2016” in the field of restructuring and insolvency law.

www.kebekus-zimmermann.de

About Flöther & Wissing Rechtsanwälte

For more than 20 years Flöther & Wissing Rechtsanwälte has been one of the premier German law firms in all areas of restructuring and insolvency law. We are represented at ten locations in Germany and have enjoyed a nationwide reputation for many years. Transparency and open communication with all parties involved in the proceedings are at the forefront of our actions. With a team of more than 100 competent employees, we guide companies through economic crises with efficient and intelligent restructuring solutions.

www.floether-wissing.de

About FalkenSteg
FalkenSteg is a partner-led restructuring and corporate finance consultancy with offices in Düsseldorf, Frankfurt am Main and Munich. With the two pillars Corporate Finance and Recovery Advisory, the company offers its clients a comprehensive range of current corporate finance products and restructuring instruments.

About the former airberlin technik GmbH
Airberlin technik GmbH (ABT) is the aeronautical engineering operation within the airberlin group and the main provider of maintenance services for the group’s aircraft. Our approximately 1,500 employees work at 11 locations throughout Germany and internationally and provide almost all aeronautical services. In addition to the airberlin group, our customers include a steadily growing number of well-known German and international airlines.

www.airberlin-technik.com

About NAYAK
Nayak Aircraft Service GmbH & Co. KG is an Aircraft Maintenance Provider (MRO) in Europe and specializes in Line and Base Maintenance, Component Services, Non Destructive Testing and other services for Narrow & Wide Body Aircraft (ATR, Boeing, Airbus, BAE etc.) With the acquisition of Airberlin Technik, Nayak becomes the largest independent maintenance service provider in Europe

www.nayak.aero/home/