Tadano /Demag administration completed
Tadano Demag and Tadano Faun have emerged from administration, having successfully completed the ‘protective shield’ (Schutzschirmverfahren) proceedings.
The order was issued yesterday by the Zweibrücken Local Court which released the two companies from the proceedings after a successful reorganisation during the insolvency process and approval of the plan by its creditors - see: Tadano Faun – Demag plan approved
. The companies now return to regular operations with many of the operational restructuring measures defined in the plan already initiated and implemented during the proceedings. The companies will now continue to implement the remaining restructuring measures.
Tadano Demag/Faun chief executive Jens Ennen said: “We are pleased to be able to initiate the reorganisation of Tadano Demag and Tadano Faun within the framework of the protective shield proceedings so quickly and efficiently despite the high level of complexity. I would like to thank all parties involved for their good and constructive collaboration. In particular, I would like to thank all our employees, who are all doing a tremendous job. We are now strong and competitively positioned for the future: Due to the close integration of the sites in Lauf and Zweibrücken, we will be able to make the best possible use of their respective strengths in the future and serve the needs of our customers even better. In the future, Tadano will stand for quality and innovation more than ever."
Martin Mucha, the insolvency lawyer from Grub Brugger and ‘chief representative' for the two companies, added: “The legislation had a situation like that of the German Tadano in mind when it included the protective shield proceedings in the insolvency code. Tadano seized the opportunity provided and resolutely initiated the comprehensive restructuring of its German subsidiaries with the strong support of all parties involved. A necessary step, but also a courageous one in these difficult times, which will be rewarded in the end. I am pleased to have been able to play a part in this restructuring process."
Trustee Arndt Geiwitz of law firm SGP Schneider Geiwitz & Partner, said: ”Tadano is another example of how, with the involvement of the key creditors, protective shield proceedings can lead to sustainable restructuring success very quickly, efficiently and in a balanced way, thanks to the contribution of all creditors. The combination of self-administration, the appointment of a trustee, and further control by a creditors' committee and the insolvency court, promises the creditors and the company a transparent and easy to plan restructuring process."