Wohnpark Jasmund GmbH & Co.KG operated a resort on the island of Rügen that included a hotel, vacation apartments, restaurants, and a thermal spa. The facility of 773 beds posted an average of 120,000 overnight stays in the years before the insolvency. Owing to the losses accrued in the past, the heirs’ executor was no longer willing to grant any further loans. The consequence was illiquidity, i.e., insolvency of the company, which had to file for bankruptcy.
The Insolvency Proceedings
Ulrich Rosenkranz, the insolvency administrator, succeeded in improving the utilization of the resort’s capacities. Numerous advertising measures increased occupancy rates. An M&A process was initiated at an early stage and culminated in the sale of the company. Until the sale, attorney Rosenkranz continued his complete management of the company from May to August 2014. The purchaser guaranteed the continued employment of all staff members.
Business operations were maintained.
All jobs were saved.