"We were aware that the time schedule was very ambitious and that when the insolvency proceedings were opened, the further financing of the operating business would have to be secured until the insolvency plan was confirmed," said Ulrich Feißt, the CEO of the ARWE Group. Everything had been prepared to get through the crisis on the back burner, and very intensive negotiations had been held with several interested parties. However, up to 95 % decline in sales and the unforeseeable Corona shutdown were ultimately too deterrent. "If you can't calculate when the light at the end of the tunnel will come, even the most motivated investor has a hard time," says Feißt.
After the failure of the prospect of self-administration by means of an insolvency plan, the management decided to withdraw the self-administration applications. The local court Augsburg now appointed the Augsburg lawyer Dr. Paul Abel from anchor Rechtsanwälte as insolvency administrator on 01.05.2020. Abel and his team had already accompanied the reorganisation efforts as provisional trustee, but will now probably have to shut down the majority of the locations and dismiss a large number of employees. "Of course we are continuing to work flat out to save parts of the company and above all jobs. Partial takeovers are also less risky for investors than the overall package," says Abel, who according to information is negotiating with several promising candidates. The teams from Heuking (Dr. Proske) and Restrukturierungspartner (Dr. Weniger) would continue to be available and support the insolvency administrator. They had provided legal and business management support for the self-administration and, according to Abel, had done an excellent job.
At least CAR24 GmbH and the European foreign subsidiaries will continue to operate: Although there will be a change of ownership due to the sale of the shareholdings, these companies are not insolvent and continue their activities.
About ARWE Group
The ARWE Group is a central mobility service provider with locations in England, France, Spain, Germany and Austria. The allround 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 car sharing providers. ARWE's broad positioning puts it in the advantageous position of being able to offer customers comprehensive system solutions and thus generate sustainable added value. Complex tasks can thus be offered and implemented from a single source without interfaces.