Self-administered restructuring at ARWE Group
On 16 March 2020, several arwe Group companies filed for insolvency. The management consultants of Restrukturierungspartner, headed by Dr. Stefan Weniger, and Dr. Stefan Proske of law firm Heuking Kühn Lüer Wojtek are advising the Group.
On 17 March 2020, the Augsburg Local Court ordered the preliminary self-administration for arwe Holding GmbH, arwe Automotive Service GmbH, arwe CarRental Service GmbH and arwe Mobility Service GmbH as requested and appointed the lawyer Dr. Paul Abel, anchor Rechtsanwälte, provisional trustee. No insolvency applications have been filed for CAR24 GmbH and the European subsidiaries of ARWE Group.
Self-administered insolvency proceedings are a special form of insolvency proceedings primarily intended for corporate restructuring in which the management remains functionable. There is no insolvency administrator, but only a trustee who supervises the proceedings for the creditors.
ARWE has been one of the leading service companies in professional vehicle preparation, maintenance and logistics for over 45 years. The company provides its services with over 4,000 employees at more than 500 locations in Europe. ARWE processes more than 3 million vehicles per year and carries out over 300,000 vehicle reconditioning operations.
The difficult economic situation that has been looming for some time in the Company's core markets has now taken on dimensions that no longer allow the Company to continue its business on a sound financial basis because of the coronavirus. 'In view of the current uncertainty about developments in the mobility sector, further financing was at risk,' says arwe Group CEO Ulrich Feißt, and continues 'the legal protective umbrella provided by the company's self-administration now provides the appropriate framework to make the restructuring a success despite the difficult environment.'
The Group is advised by Dr. Stefan Proske, attorney specialized in reorganization and insolvency law from law firm Heuking Kühn Lüer Wojtek, Berlin, and a team of the management consultants Restrukturierungspartner RSP GmbH & Co. KG under the leadership of Dr. Stefan Weniger.
ARWE's business operations will continue without restriction. The wages and salaries of the employees are secured by the insolvency money of the Federal Employment Agency at least until the end of April 2020.
About ARWE Group
arwe Group is a central mobility service provider with locations in England, France, Spain, Germany and Austria. The all-round service covers all tasks from professional vehicle preparation and maintenance to repairs, vehicle logistics and turnaround management. The arwe Group experts also provide car sharing and car rental services, thus helping to ensure mobility. Its long-standing customers include car manufacturers, car dealers, car rental companies, leasing companies and CarSharing providers. With its broad-based positioning, arwe is in the advantageous position of being able to offer customers comprehensive system solutions and thus generate sustainable added value. Complex tasks can be offered and implemented from a single source without interfaces.