Wohnpark Jasmund GmbH & Co. KG

Quick success during an insolvency in the tourism industry

If a shareholder stops granting loans, even an attractive hotel complex with 120,000 overnight stays per year can quickly find itself in a liquidity squeeze.

Ulrich Rosenkranz – Rechtsanwalt, Partner – BRRS Hamburg

Insolvency Administrator

Ulrich Rosenkranz

BRRS Office

Hamburg, Ribnitz-Damgarten

Local Court

Stralsund

Proceedings

Standard Insolvency Proceedings

Key Facts

Hotel complex with hotel, vacation apartments, restaurants, and thermal spa on Rügen, 110 employees Result

Result

All jobs saved

Period

Start: 2014

Initial Situation

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.

The Result

Business operations were maintained.
All jobs were saved.
Quota: 26%

Further Reference Proceedings from Ulrich Rosenkranz

LFS Life Food System AG

Proceedings: Standard Insolvency Proceedings

Industry: Gastronomy

Administrator: Ulrich Rosenkranz

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