Seven months after insolvency proceedings were opened, business is back to normal at Stanz- und Presswerk Lindner GmbH & Co. KG following its successful recovery. Thanks to the investor recruitment process initiated by insolvency administrator and lawyer Jutta Rüdlin (BRRS Rechtsanwälte Insolvenzverwaltung Restrukturierung) with the support of FalkenSteg Corporate Finance, the business asset sale was ultimately able to be successfully implemented. Since 1 August 2018, the business has been run by LSK Stanz- und Presswerk Lindner GmbH, with Munich-based private investor Christoph Freiherr von Wangenheim acting as sole shareholder and director of the new operating company.
Lindner was founded sixty years ago and has always been owner-operated. The firm, a full-service provider of sheet metal products and stamp-bent parts with premises in Kassel-Niestetal and Gudensberg, generated €15.7 million in annual revenue in 2017. With the business transferred to the newly established company, it was possible to save all 115 jobs and keep both locations running.
After Lindner filed for insolvency in late September 2017, the business continued trading under the (preliminary) insolvency administrator. The insolvency administrator was able to bring an experienced production manager from sy.con GmbH on board to head up technical operations. With his support, the experienced business recovery expert conducted an analysis of the company shortly after her appointment as the firm’s provisional administrator and began developing and implementing recovery measures. As a result, it was possible for the company to get back in the black right away once insolvency proceedings were opened.
After the creditors’ committee green-lit the asset deal, the creditors’ assembly convened on 23 August 2018 also issued its approval for the business asset sale to go ahead.
The LSK Stanz- und Presswerk Lindner GmbH management is being assisted by the chief technical officer, who has already made a significant contribution to supporting the company’s recovery. The management relies on strong and close collaboration with the works council and the highly dedicated staff. Especially during the months of insolvency and in spite of the great uncertainty, the workforce – mostly consisting of long-term Lindner employees – demonstrated extraordinary commitment and loyalty to their employer.
In addition, the existing product range will continue to be available to customers. In the future, the aim is for a greater emphasis to be placed on engineering so that each customer can be offered bespoke solutions, which will ensure a reliable, fast delivery and make it easier for them to subsequently machine or finish these products. To strengthen and expand the company’s market position, the investor intends to restore Lindner to long-term growth by harnessing the talent of high-skilled staff as well as by upgrading and remodelling buildings.
Judda Rüdlin (Insolvency Administrator)leo
Jonas Eckhardt (Partner)
Florian Weingärtner (Associate)
Company contact information
LSK Stanz- & Presswerk Lindner GmbH
Bettenhäuser Straße 23, 34266 Niestetal, Germany