Sächsische Dampfschiffahrt saved
The Sächsische Dampfschiffahrt-Unternehmensgruppe has successfully completed its restructuring. It was supported by the management consultancy Restrukturierungspartner. With the new investor, United Rivers AG, the oldest and largest steamship fleet in the world is starting into a new future. The historic steam navigation in Dresden and the jobs of the Sächsische Dampfschiffahrt will be preserved.
United Rivers AG has taken over Sächsische Dampfschiffahrt (SDS) with effect from 1st September and will continue the traditional business of Sächsische Dampfschiffahrt on the Elbe. As one of the leading European companies in the inland navigation segment, the Swiss investor brings the necessary strategic know-how for the further development of the business. The new investor has merged the previous operations of the group into two new companies: WEISSE FLOTTE Sachsen GmbH takes over all operational activities of SDS as well as ElbeZeit and owns the two salon ships, CrashIce is managed as a subsidiary. The owner of the nine historic steamships is the KULTURERBE DAMPFSCHIFFE Dresden GmbH.
I am very pleased about this success and the preservation of one of Dresden's landmarks.“ Burkhard Jung
„I am very happy about this success and the preservation of one of Dresden's landmarks. This has only been possible because all those involved have always had the preservation of the Saxon Steamship Company in mind and have pulled together in a common effort“, Burkhard Jung draws a positive balance. As Chief Restructuring Officer (CRO), he complemented the management of the SDS Group and was responsible for planning, implementing and managing the restructuring. „Our special thanks go to the employees, the creditors' committee, the trustees and the consultants involved for their commitment and perseverance in this rather complex situation,“ the restructuring expert and managing director of the management consultancy Restrukturierungspartner continued.
The Restrukturierungspartner had advised the Sächsische Dampfschiffahrt-Unternehmensgruppe within the scope of its self-administration and were jointly responsible for the restructuring. Insolvency and employment law advice was provided by the law firm MULANSKY + KOLLEGEN Rechtsanwälte GmbH. The search for investors was accompanied by the consultancy enomyc GmbH under the direction of Jörg Balz.
Due to the economic consequences of the COVID-19 pandemic and the restrictions in the tourism and gastronomy sector, the SDS Group had to apply for the opening of insolvency proceedings under its own administration at the beginning of June 2020. Frank-Rüdiger Scheffler was appointed provisional administrator of Sächsische Dampfschiffahrts-GmbH & Co. Conti Elbschiffahrts KG; Dr. Nils Freudenberg (both: Tiefenbacher Rechtsanwälte) as provisional administrator of the subsidiary ElbeZeit GmbH.
After the self-administered restructuring was successfully completed with the sale to United Rivers AG, Burkhard Jung resigned his position as restructuring managing director. Now the winding up of the previous companies will follow within the framework of regular insolvency proceedings. Both provisional administrators were appointed as insolvency administrators.