Creditors of Mayer & Cie in Albstadt bankruptcy plan

The creditors of the manufacturer of circular knitting machines, Mayer & Cie. GmbH & Co. KG in Albstadt-Tailfingen, overwhelmingly approved of the insolvency plan submitted by Insolvency Administrator Wolfgang Bilgery. 720 creditors with claims in the amount of 82.497.893,76 € were represented during the creditors’ meeting this present Thursday at the local district court in Hechingen. Among these, 709 creditors with claims in the amount of 82.282.996,00 € agreed to it. This corresponds to an approval by heads and by claim sum of 99 %. Therewith the insolvency plan is accepted.

Insolvency Administrator Wolfgang Bilgery expressed himself on Thursday afternoon in front of the staff about the result of the voting. It proved true that the insolvency plan was balanced and the burden of the reorganization was creditor banks to waive approx. 10 Mio. €. Pension obligations amounting to just under 7,9 Mio. € will be taken over by the Pension Insurance Corporation (PSV). The remaining creditors of the Mayer & Cie. GmbH & Co. KG will receive a quota of 8.5 % on their ascertained claims.

The partners of Mayer & Cie. GmbH & Co. KG further invest fresh money of 2 Mio. €. According to Bilgery’s statement the banks contributed significantly to the recapitalization of Mayer & Cie. The Deutsche Bank, die Baden-Württembergische Bank and the Commerzbank formed a pool under leadership of the Deutsche Bank and are ready to provide Mayer & Cie. the funds required for the continuation of the business operations. Bilgery also emphasized the contribution of the staff and the “IG Metall” (the trade unions for the metal working industry).

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