Acument GmbH & Co. OHG files Self-Administered Pre-packaged Insolvency Process
Frankfurt, Germany (August 24, 2009) Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it is advising Acument GmbH & Co. OHG (Acument Germany) on its insolvency plan proceedings. Acument Germany is among the German leading providers of mechanical fastening systems and value-based fastening solutions.
Acument Germany has filed for a self-administered, pre-packaged restructuring plan (similar to a U.S. chapter 11 filing) under the supervision of the Insolvency Court in Düsseldorf, Germany. Dr. Wolf-R. von der Fecht from Metzeler von der Fecht was appointed as the Preliminary Insolvency Administrator. Acument Germany has retained Carsten Koch as Chief Restructuring Officer.
Paul Hastings is advising Acument Germany on the complex legal aspects of the restructuring including the establishment of an insolvency plan, and will advise on all aspects of the self administration, after the opening of the insolvency proceedings.
Included in Acument Germanys insolvency proceeding are its production sites in Beckingen, Dürbheim, Neuss, Neuwied, and Schrozberg, Germany, as well as a distribution center in Cologne, which combined employ more than 1,700 people. Acuments other global operations are not affected by the insolvency proceeding.
Dr. Christopher Wolff who is leading the Paul Hastings team, commented: As one of the most high profile corporate restructurings in Germany of an OEM supplier this year, the self-administered insolvency filing is a necessary reaction for our client to take, in light of a substantial and steep decline in the automotive production industry in Germany over the past year, to re-emerge as a strong, revitalized business partner to its customers in Germany"
The Paul Hastings team is being led by Restructuring Partner Dr. Christopher Wolff, assisted by Dr. Christian Halász, Dr. Christian Mock, Adrian Koerner and Sophie Boehmer.
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