DGAP-News: Gerry Weber International AG: Insolvency plan for GERRY WEBER International AG is legally valid and can now be implemented
DGAP-News: Gerry Weber International AG
/ Key word(s): Insolvency
Gerry Weber International AG: Insolvency plan for GERRY WEBER International AG is legally valid and can now be implemented
25.10.2019 / 16:28
The issuer is solely responsible for the content of this announcement.
CORPORATE NEWS
Insolvency plan for GERRY WEBER International AG is legally valid and can now be implemented
- Local court Bielefeld applies approval procedure
- Revocation of insolvency proceedings under self-administration still expected to take place beginning of 2020 at latest
Bielefeld, 25 October 2019 - The insolvency plan of GERRY WEBER International AG, which was approved by the creditors on 18 September 2019, has become legally valid and can now be implemented. With its decision on 25 October 2019 in accordance with § 253 Abs. 4 German insolvency Act (InsO), the district court Bielefeld dismissed four complaints by parties to the proceedings against the approval of the plan by the local court, which took place on 2 October 2019. The provisions of InsO provide, that complaints may be dismissed, if disadvantages of obstructing the plan outweigh potential disadvantages for the complainants.
Further, a timely confirmation of the insolvency plan of the wholly owned subsidiary GERRY WEBER Retail GmbH & Co. KG (GWR) is expected. The unchanged goal remains the revocation of both insolvency proceedings under self-administration at beginning of 2020 at latest, to allow the finalization of the financial repositioning of GERRY WEBER Group.
Trustee Stefan Meyer of PLUTA Rechtsanwalts GmbH: "The insolvency plan becoming legally valid has paved the way for a new start of GERRY WEBER. These insolvency proceedings are a prime example for how an intelligent application of insolvency law can reach a quick and sustainable restructuring with best possible satisfaction of creditor claims."
Johannes Ehling, Spokesman of the Managing Board of GWI AG: "These are great news for our company and its employees, customers and business partners. Already in a few weeks, GERRY WEBER can return to a normal mode of operation, financially restructured and with a clear concept for the future."
Background
Since 25 January 2019, GERRY WEBER International AG undergoes insolvency proceedings under self-administration. Proceedings were opened on 1 April 2019. At the subsidiary GERRY WEBER Retail GmbH & Co. KG, insolvency proceedings under self-administration were opened on 1 May 2019. In both cases, the respective court appointed lawyer Stefan Meyer of PLUTA Rechtsanwalts GmbH as trustee. The Managing Board of GERRY WEBER International AG, consisting of Johannes Ehling (Spokesman of the Managing Board as well as Chief Sales Officer and Chief Digital Officer), Florian Frank (Chief Restructuring Officer) and Urun Gursu (Chief Product Officer) are supported by Chief Representative Dr. Christian Gerloff (Gerloff Liebler Lawyers), a lawyer well-versed in the fashion industry. Regardless of the ongoing insolvency proceedings, financing of the ongoing operations of GERRY WEBER is secured well into the year 2020.
GERRY WEBER Group
GERRY WEBER International AG, headquartered in Halle/Westphalia, is a worldwide operating group, uniting three strong brand families under one roof: GERRY WEBER, TAIFUN and SAMOON. Furthermore, GERRY WEBER holds a non-strategic stake of 12% in HALLHUBER GmbH.
Contact GERRY WEBER:
Lucia Mathée / Gundolf Moritz
MATHEE GmbH / Mirnock Consulting GmbH
Phone: +49 6227 732772
Email: gmoritz@mirnock-consulting.de
Frank Elsner
Frank Elsner Kommunikation für Unternehmen GmbH
Phone: +49 5404 91 92 0
Email: office@elsner-kommunikation.de
Contact PLUTA:
relatio PR
Patrick Sutter / Vanessa Herzog
Phone: +49 89 210257 22
Email: pluta@relatio-pr.de
25.10.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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897581 25.10.2019