Local court rejects application for opening of insolvency proceedings
11 September 2015 Corporate News
- Insolvency application lodged by Kollosal Salz GmbH rejected by the court
- Decision follows recommendation of the insolvency expert
- Ekotechnika GmbH is neither insolvent nor overindebted
Walldorf, 11 September 2015 – The Heidelberg local court has rejected the application filed by Kollosal Salz GmbH i.l. headquartered in Bergheim, Austria, (KS GmbH) to open insolvency proceedings over the assets of Ekotechnika GmbH. The corresponding decision was handed over to the management of Ekotechnika GmbH yesterday. The local court thus follows the recommendation made by the expert, lawyer Tobias Wahl, who had confirmed that Ekotechnika GmbH is neither insolvent within the meaning of section 17 InsO nor overindebted within the meaning of section 19 InsO and that it is mostly likely that the company will continue as a going concern. The cost of the proceedings will be borne by the applicant, which has filed for bankruptcy in the meantime. At the time the application was lodged, lawyer Stephan Geißlreiter was Managing Director and sole shareholder of KS GmbH. He now acts as consultant and counsel of the Receiver appointed for KS GmbH.
The Heidelberg local court additionally informed the company that the report prepared by Mr Wahl will also be the object of the proceedings in another insolvency application received in the meantime. This application was also lodged by Mr Geißlreiter, this time in his capacity as consultant and counsel of EMB Consulting SE headquartered in Mühltal. The management of Ekotechnika GmbH is optimistic that this application will also be rejected by the court.
As announced in the press release dated 31 July 2015, the company has meanwhile initiated court release proceedings (“gerichtliches Freigabeverfahren”) and expects a positive release decision (“Freigabebeschluss”) by mid-October 2015 at the latest. The latter is a precondition for implementation of the resolutions adopted by the bondholders’ meeting of 6 May 2015.
The management of Ekotechnika GmbH continues to assume that the financial restructuring of the company can be implemented as planned.