Single companies of the SH+E GROUP back on calmer waters

One week after the insolvency application of SH+E GmbH and its subsidiaries, the business operations are back on a calmer course. The restructuring expert Tobias Hoefer from the law firm Hoefer I Schmidt-Thieme, appointed as provisional insolvency administrator by the District Court Waldshut-Tiengen, was able to create the prerequisites for the continued operation of the individual business units through discussions with customers, suppliers, and financial institutions. Basically, all companies are now fully operational and capable of action again.

First impression positive

In the past days, Hoefer visited the various locations to assess the situation of the eight operational companies that had filed for insolvency on February 19th in order to achieve restructuring through this process. Besides SH+E GmbH, these included STULZ-PLANAQUA GmbH, Hager + Elsässer GmbH, STULZ GTA GmbH, H+E PACKTEC GmbH, H+E PROTEC GmbH, H+E S-Tec GmbH, and LimnoTec Abwasseranlagen GmbH.

"My first impression of the companies is positive. They are highly specialized high-tech companies with very competent and dedicated employees. We are currently conducting a thorough inventory and intend to continue ongoing orders and projects. However, this is only feasible if it makes economic sense and does not result in losses for the respective companies," said Hoefer following the employee meetings at the main locations of the SH+E Group.

New development phase for SH+E companies

The question of pre-financing insolvency payments for the approximately 700 employees of the SH+E Group at the German sites has already been resolved. The Federal Employment Agency agreed that employees can receive their entitled payments promptly. Salaries and wages had been paid according to agreement up until January. The employment conditions of all employees at the companies that filed for insolvency remain unchanged, with all rights and obligations intact.

"In the provisional insolvency proceedings, many issues are now being restructured. It is a restart and thus marks a new development phase for the SH+E companies. However, for this to be successfully completed, further support from creditors and surety providers, as well as customers and suppliers, is necessary," Hoefer continued.

Coordinated group insolvency proceedings

To continue utilizing synergies that have existed within the partial group SH+E and thus achieve value maximization for creditors, Hoefer is implementing a so-called "coordinated group insolvency proceeding" for the SH+E companies. This aims to ensure the overall economic context, the organization of the group's continuation, and the preservation of assets under his leadership. This is also facilitated by the unified composition of the creditor committees, which Hoefer advises and monitors, simplifying coordination processes and speeding up the proceedings.

However, since conflicts of interest could arise in the restructuring of individual companies, Hoefer also proposed appointing separate, formally independent but practically integrated provisional insolvency administrators for H+E Packtec GmbH in Ahaus, LimnoTec Abwasseranlagen GmbH in Lübbecke, and H+E S-Tec GmbH in Dresden. Both the District Court Waldshut-Tiengen responsible for the proceedings and the provisional creditor committees for the respective companies have already agreed to this proposal.

Thus, effective February 26, lawyer Stefan Meyer from the law firm MEYER Rechtsanwälte was appointed as insolvency administrator in Münster/Lübbecke (for H+E Packtec, LimnoTec Abwasseranlagen, and LimnoTec Bioenergieanlagen GmbH), and Prof. Dr. Lucas Flöther from the law firm Flöther-Wissing in Dresden (for H+E S-Tec).

"This allows us to advance the proceedings quickly and without friction losses, enabling us to implement concepts for the long-term continuation of the operations more rapidly," emphasizes Hoefer, highlighting the advantages of this innovative group restructuring approach.

In Germany, the SH+E Group employs nearly 700 people. The main locations are Grafenhausen (119 employees), Stuttgart (190 employees), Bonndorf (53 employees), Ahaus (65 employees), Nettelstedt (55 employees), Bremen (50 employees), and Dresden (52 employees). The foreign subsidiaries, as legally independent entities, are initially unaffected by the insolvency filings and continue to operate as before.