Farnstädt - The local court in Halle has opened insolvency proceedings against the assets of Schmitz Fire & Rescue GmbH and appointed specialist insolvency lawyer Thomas Reichelt of DiLigens Rechtsanwälte & Insolvenzverwalter as administrator. Together with the appointed creditors' committee, he will supervise the continuation and restructuring of operations in self-administration.

Schmitz Fire & Rescue GmbH recently achieved a turnover of € 13 million with around 60 employees. It develops, builds and sells fire fighting vehicles, environmental protection and hazardous goods vehicles as well as roll-off containers and special accessories for the national and international market. The company is part of the Schmitz Group, which is majority-owned by the Xuzhou Handler Special Vehicle Group based in Jianping (China).

Parallel to the operational restructuring, a structured investor process was initiated. The goal continues to be to pursue the successful restructuring course and to lead the company into the profit zone in a timely manner. In the medium term, the self-administration is intended to create the conditions under company law to gain new financing partners who will provide the necessary financial resources for a sustainable restructuring and also provide the necessary financing structure to pre-finance the - relatively high - need for working capital in special vehicle construction.

"The restructuring process is being conducted in a highly professional manner and is progressing well, so that a successful conclusion of the proceedings is within reach," Reichelt is satisfied.

Read the press release here: Schmitz Fire PM Opening (002)