mdexx GmbH starts self-administration proceedings
mdexx GmbH, an expert in the development, manufacture and sale of coiled goods and fans, today filed an application with the responsible district court in Syke for the opening of insolvency proceedings in self-administration. The court has approved this application, thus clearing the way for the company to reorganize itself under insolvency protection. As a result of the court order now in place, the management of the company remains in the hands of the board of directors.
“After turbulent years and multiple changes of ownership, we began restructuring mdexx in 2019 and were initially able to achieve very good results,“ says Bernd Schröder, CEO of mdexx GmbH. “The Corona crisis had already severely strained our substance and hindered the implementation of planned optimization measures. Ultimately, the current tripling of material and transport costs in a very short period of time has additionally clouded our outlook, so that we have actively decided to go down this path,“ Schröder continues.
mdexx GmbH is taking advantage of the legal options that have been in effect since March 1, 2012 to develop the measures required for restructuring and reorganization in a targeted manner on its own responsibility and to implement them in the short term. In order to meet the complexity and the business and legal challenges of restructuring in self-administration, the management will be reinforced by attorney Dr. Stefan Weniger of Restrukturierungspartner RSP GmbH & Co. KG.
Dr. Weniger will support mdexx GmbH as Chief Restructuring Officer (CRO) in the development and implementation of a restructuring and reorganization plan. He is confident that he will be able to implement the necessary restructuring steps in the short term: “Self-administration is the right way for mdexx to ensure its long-term continued existence in the interests of employees, suppliers, customers and creditors,“ explains Weniger, who, together with his team of proven experts, has already successfully supported a large number of companies in their self-administrations in recent years.
“Self-administration is an effective instrument for restructuring and repositioning companies. In the coming weeks, we will enter into talks with all key stakeholders and press ahead with our plans to reposition the company,“ says restructuring expert Weniger, explaining the upcoming steps.
mdexx GmbH is also being supported by the court-appointed temporary administrator, the restructuring-experienced lawyer Prof. Dr. Gerrit Hölzle from the law firm GÖRG. As provided by law, his task is to monitor the company throughout the process and to safeguard creditor interests.
The business operations of mdexx GmbH will continue without restriction. Production is also guaranteed throughout the self-administration proceedings. “We will continue to supply all our customers to the full extent and in the usual quality - just as they have come to expect from us,“ emphasizes Managing Director Schröder. The total of around 150 employees, whose wages and salaries are secured for three months by insolvency benefits from the Federal Employment Agency, were informed today by the management in Weyhe about the current situation and the further procedure, taking into account the necessary corona-related hygiene regulations.
The sister and subsidiary companies in Germany and abroad are not directly affected by the self-administration proceedings. They are financially independent and continue to operate unchanged.
mdexx GmbH develops and produces transformers, power supplies, chokes, filters as catalog products and in customized designs as well as axial fans and centrifugal fans for customized ventilation solutions. 50 years of experience, highly qualified employees in development and design as well as state-of-the-art measuring and testing equipment ensure the highest quality for all customers. mdexx produces on the most innovative equipment, using sophisticated quality and environmental management systems. All products stand for absolute reliability, maximum functionality and innovation in compliance with international regulations. In its two business areas, fans and coiled goods, the company generated total sales of around 38.8 million euros in 2020, with around 150 employees. Internet: www.mdexx.com