Initial Situation
The insolvency petition was filed at the same time as that of Kabel New Media AG, the parent company (cash pool within the group). Time-critical orders from clients in the automotive industry were in question; on the other hand, there was an unusually high level of customer loyalty.
The Insolvency Proceedings
Business operations continued. One of the customers initially thought about becoming involved in a transferring reorganization. That idea was dropped, but the customer signaled that it would continue to place orders. Still, the orders from this one customer would be enough to save only part of the jobs. A socially acceptable reduction in jobs was negotiated and concluded with the works council. Over the course of a highly complex procedure, which also took into account the agreement on the side of customers, a buyer was found for a transferring reorganization. An agreement that included participation in future profits was concluded with the buyer. The employees who had to leave the company received the benefits provided in the social plan.
The Result
The outlook is for a high quota.
Conclusion: 2022
