The Local Court of Eschwege has ordered provisional insolvency administration for the assets of Gerloff GmbH. DiLigens partner Dr. Martin Linsenbarth has been appointed provisional administrator.
Gerloff GmbH is a long-established manufacturer of exclusive bathrooms and products made of natural and artificial stone slabs in Eschwege. The company has made a name for itself throughout Germany as a specialist in mass-produced bathrooms for (luxury) hotels, clinics and care facilities. Despite a restructuring process initiated at an early stage with the support of external restructuring consultants, payments from ongoing projects unexpectedly failed to materialize. Despite an emerging improvement in the order situation and the willingness of the shareholders to remain involved, the necessary adjustment of the financing ultimately failed because the necessary commitment of some stakeholders to make further restructuring contributions could no longer be achieved. As the unforeseen increase in the company's liquidity requirements could not be met in this way, it was necessary to file for insolvency for legal reasons, according to the management. The management and the provisional insolvency administrator have already begun working intensively to develop viable prospects for the continuation and restructuring of the traditional Eschwege company.
Business operations will continue without restriction. The wages of the 51 employees are secured by the insolvency substitute benefits.