Press release from SAMAG MachineTools GmbH:
(Saalfeld/Saale, February 7, 2025) SAMAG Machine Tools GmbH is using a preliminary court procedure under self-administration for restructuring. This was ordered by the Gera District Court on January 29, 2025 following an application by the management. Despite its regional and international importance and a solid customer base, the traditional mechanical engineering company encountered economic challenges due to the gloomy situation in its industry and high costs for materials and energy. "We want to use the restructuring under court protection to stabilize our business and make it fit for the future. We will do everything we can to reposition the site in view of the temporary lull in the mechanical engineering sector and to restructure ourselves sustainably. We have already reached an agreement with employees and customers about the situation. Everyone is behind our company - we are of course happy and very relieved about that. This gives us important tailwind for the tasks ahead," says Managing Director Martin Hüttmann.
In a legal procedure such as that used by SAMAG, the managing director can continue to run the operational business. This is why it is also referred to as "self-administration". With the help of restructuring specialists, the company is also brought back into economically safe waters. For this purpose, lawyer Thorsten Springstub from the Tiefenbacher insolvency administration I restructuring law firm was appointed as general representative. He and his colleague Dr. Nils Freudenberg are available to the management with advice and support on all insolvency law issues. "SAMAG can look back on a very long tradition, has in-depth know-how in the field of mechanical engineering with its over 100 employees and has a large national and international customer network. In our opinion, these are the best conditions for a timely and long-term restructuring. In addition, we have already succeeded in securing and continuing operations despite the special situation," says Tiefenbacher. Another important milestone in the still young process: the wages and salaries of the workforce for the months February to April 2025 are covered by the pre-financed insolvency benefit from the Federal Employment Agency.
Until the planned opening of the procedure on May 1, 2025, the restructuring team is now working hard on financial and performance-related approaches to the restructuring of the mechanical engineering company. The commercial support is provided by management consultant Simon Leopold and his team from ABG Consulting-Partner GmbH & Co KG. In addition to the solution via a planning procedure, an investor process is also being considered. This is intended to find potential buyers with whose help a transfer-based restructuring of the Saalfeld company will be possible.
Crisis due to lack of orders and high pre-financing costs
The medium-sized company SAMAG has a history spanning over 150 years and a global sales network. This means that the company can boast not only a wealth of experience in mechanical engineering but also an extensive and loyal customer base. For many years, the Saalfeld-based company has recorded correspondingly positive business development. In the wake of the global crises, however, there has recently been a lull in orders in the mechanical engineering sector. This is offset by the high pre-financing costs for the construction of the complex machining centers that SAMAG produces. Sharply increased costs for raw materials and energy exacerbated the problem and placed an increasing strain on the company's liquidity. Despite the measures that were immediately initiated, no improvement in the situation could be achieved in the short term and out of court. Since insolvency was imminent, the management consequently filed an application for judicial restructuring under self-administration on January 24, 2025.
To ensure that the provisional self-administration procedure is monitored in the interests of the creditors, the Gera District Court has appointed lawyer Marcello Di Stefano from the DiLigens Rechtsanwälte & Insolvenzverwalter law firm as provisional administrator. "From what I have observed, both the management and the team are firmly committed to the company and the restructuring. The creditors are also interested in a constructive exchange and a speedy solution. A provisional creditors' committee has already started its work. The circumstances clearly indicate that a sustainable reorganization and the preservation of jobs can be achieved here," says the provisional administrator.
About SAMAG Machine Tools GmbH
The beginnings of the medium-sized company SAMAG Machine Tools GmbH, based in Saalfeld/Saale, date back to 1873. The machine manufacturer's team currently has 108 employees. They develop and produce customized machining solutions for various industries, including the automotive industry, tool and mold making, and general mechanical engineering. The product portfolio includes multi-spindle machining centers (MFZ), combined deep drilling and milling machining centers (TFZ), traveling column machining centers (SFZ) and multi-spindle deep drilling machines (TBM). With a comprehensive range of services that includes maintenance, commissioning, training and retrofit solutions, SAMAG ensures the long-term satisfaction of its customers. With over 150 years of experience and numerous representatives worldwide, the SAMAG Group is a reliable international partner for innovative and efficient manufacturing solutions.