KSM Castings Group GmbH: Completion of the protective shield proceedings
probably as early as the end of December
Hildesheim (ots) – KSM Castings Group GmbH: Completion of the protective shield proceedings
probably as early as the end of December
– Creditors’ meeting approves insolvency plan with large majority
– 100% quota for the creditors
– The restructuring concept can be implemented as planned
– Successful support by the lawyers Prof. Dr. Gerrit Hölzle and
Dr. Thorsten Bieg from the law firm GÖRG as CROs and lawyer Dr. Rainer
Eckert as trustee
The protective shield procedure of the KSM Castings Group GmbH, one of the leading
Automotive supplier for lightweight cast components made of aluminum and magnesium
for chassis, gearboxes and engines, is expected to be possible by the end of December
be successfully completed after just six months. Today it was true
Creditors’ assembly to the insolvency plan with a large majority. So that can
Restructuring concept to be implemented as planned, the next
Cost reduction measures also include extensive investments to secure the
Competitiveness of the company. On November 19, KSM
with IG-Metall already agreed on a restructuring collective agreement, which is
In return for a waiver by employees, among other things
Location guarantees and exclusion of operational layoffs for the next
provides for five years. According to the insolvency plan, the creditors receive a
Bankruptcy rate of 100%.
At today’s creditors’ meeting, the bankruptcy plan was approved by all
Groups of creditors, including employee representatives, with very large ones
Majority accepted. The cost reduction measures see, among other things, one
Downsizing of 328 jobs in the next few months and one temporary
Waiver of wages for employees. At the same time the company will
Adapt production processes and use future-oriented technologies, for example
invest in eMobility.
Convincing restructuring concept
“In cooperation with Ernst & Young, KSM has a convincing
Submit restructuring concept, the basis for the insolvency plan and the
ongoing trust from customers and suppliers. Today has that
The approval of the creditors’ meeting underlined again. Paying a
Bankruptcy rate of 100% is a success that we especially like
We owe the commitment of the shareholder “, explains Prof. Dr. Gerrit
Hölzle, attorney at the law firm GÖRG and currently in interim management
together with his colleague Dr. Thorsten Bieg Chief Restructuring Officer
KSM. “Even if the way up to then will certainly not be easy for everyone involved
the company is now emerging from a difficult economic situation
Situation. KSM can now reposition itself in Germany and was in
the situation, even under new market conditions, sustainable again
to operate competitively. “
“KSM reacted to the crisis and was able to use the protective shield procedure
implement necessary measures very quickly and thus production sites and
Preserve jobs in Germany “, says Dr. Rainer Eckert von Eckert
Lawyers who accompanied the proceedings as trustees. “To that extent is
KSM a prime example of a professional and responsible
Carried out and successfully completed self-administration procedure. “
Close cooperation and the will for a workable solution
“We are very pleased that our concept has been approved by such a large majority
“, says Dr. Zhihua Zhu, CEO of KSM Castings Group GmbH.” We’re off
convinced that with the measures now introduced and the planned
Getting investments back on a sustainable growth path. So can
we also give our employees a long-term perspective again. My
Thanks go to all those involved in the proceedings with whom we have worked over the past few months
Developed and negotiated the concept, but above all our employees
and employees who always have the will for even in difficult negotiations
have shown a mutually viable solution. Now we can again
fully focus on our customers and innovative product developments
drive forward. “
After the creditors’ meeting has approved the restructuring plan, this will
Restructuring concept in the next few months as planned
implemented. The protective shield proceedings are expected to take place at the end of December
be successfully completed with the lifting of the bankruptcy.
About KSM Castings Group GmbH
KSM Castings Group GmbH is one of the leading automotive suppliers for
Lightweight cast components made of aluminum and magnesium for chassis, transmission and
Engines. KSM Castings Group GmbH employs around 2,350 people at five
Production sites in Germany and the Czech Republic. Count among the customers
Automobile manufacturers and OEM providers such as Volkswagen, Daimler, BMW, ZF, Benteler
and Bosch. The company generated sales of 360 million euros in 2019.
More information: http://www.ksmcastings.com
Press contact:
Jutta Lorberg
BSK Becker + Schreiner Kommunikation GmbH
+49 (0)2154-8122-22
Email: mailto: [email protected]
Further material: http://presseportal.de/pm/150919/4775368
OTS: KSM Castings Group GmbH
AXC0372 2020-11-26 / 18: 13
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