Miksch GmbH has successfully completed its recovery and realignment with support from FalkenSteg’s restructuring experts and in close coordination with Göppingen Gerhard Walter (Walter, Riegger & Partner), the administrator appointed by the insolvency court.

• Creditors unanimously approve insolvency plan submitted by Miksch GmbH
• Göppingen-based company continues trading at full capacity
• Generational change in management completed

Miksch GmbH has successfully completed its recovery and realignment with support from FalkenSteg’s restructuring experts and in close coordination with Göppingen Gerhard Walter (Walter, Riegger & Partner), the administrator appointed by the insolvency court.

The insolvency plan submitted by Miksch GmbH has now been legally adopted. At a meeting on 14 February 2019, during which discussions were held and votes taken, the creditors turned out in strong numbers and unanimously accepted the insolvency plan submitted by Miksch. The debtor-in-possession management team was assisted in the process of planning and preparing the insolvency plan by SZA Schilling, Zutt & Anschütz.

Miksch GmbH is a Mittelstand company with a rich history headquartered in the German town of Göppingen. The firm specialises in the production of tool-changing systems for machinery as well as cams and cam gears for the machine industry.

The company filed an application for insolvency proceedings under debtor-in-possession management with the local court in Göppingen in mid-July 2018 after payment defaults from international customers had resulted in a liquidity crisis. During the insolvency proceedings under debtor-in-possession management, Miksch continued consistently implementing the restructuring strategy which it had already begun to carry out. By realising the insolvency plan, the company was able to successfully complete the essential steps for a recovery of its financial performance and internal efficiency. As part of its realignment, the machine manufacturer will place a stronger emphasis on its tool-changing systems business in the future. The creditors affected by the insolvency proceedings are set to receive a rate far above average on the loans and receivables set out in the schedule of claims, which will be honoured in three instalments.

The generational change that was due to occur in Miksch’s shareholder mix and company management has also gone ahead alongside implementation of the insolvency plan. Alexander Miksch is now the sole director and majority shareholder of Miksch GmbH.

“The high turnout at the creditors’ assembly, their 100% agreement and the administrator’s confirmation all underline the strength of our restructuring plan, which charts a course for the future of Miksch GmbH. All the stakeholders have supported us throughout the process, lending us their trust and, in turn, making this successful recovery possible. I’d also like to thank our employees, who helped to bear the double burden we had to endure over the course of the process. Along with them, we’re optimistic and looking forward to what the future will bring”, says company director Alexander Miksch.

The business units and production facilities in Göppingen were fully ring-fenced and continued to operate during the insolvency proceedings. Thanks to the legally adopted insolvency plan, Miksch and the forty-five jobs at its Göppingen site are back on a firm long-term footing. Employees, banks, customers and suppliers are standing by the company and have helped it to make the insolvency plan a reality.

Planning and preparation of the insolvency plan
Schilling, Zutt & Anschütz
Marc-Philippe Hornung (Lead)
Dr. Andreas Herr (Financing)
Katja Schmitt (Insolvency Law)
Dr. Christina Kasten (Fiscal Law)

Debtor-in-possession management team
FalkenSteg Restructuring Advisory
Tillmann Peeters (Executive Manager)
Markus Tränkle (Partner), Sebastian Wilde (Partner)
Gerhard Walter (Walter Riegger & Partner, Tübingen)