Trustee Stefan Denkhaus has advised the creditors Galeria Karstadt Kaufhof recommended approval of the plan to rehabilitate the department store chain. ‘I’m convinced of that Gallery has a good future with this management and the new investors,” said the specialized lawyer for insolvency and restructuring law. He therefore advises creditors to accept the plan. The alternative is to split the company, Denkhaus said.
The creditors’ meeting will meet next Tuesday to discuss the agreement drawn up by Denkhaus Bankruptcy plan to vote. He should Pursue to make it competitive again and protect against general insolvency. The result must be known in the afternoon; the event is not open to the public.
Creditors include landlords, suppliers, the tax authorities and the Federal Labor Office, who had paid insolvency money to the employees. In recent weeks, creditors have reported claims for a total amount of 886.1 million euros. The bankruptcy plan requires them to part with much of their money.
Experts expect the restructuring plan to be accepted
Denkhaus expects a bankruptcy rate of 2.5 to 3 percent. This ratio determines what portion of the money owed will be returned to creditors if the plan is accepted. Payments from the claims against the previous owner, the entrepreneur’s Signa Group René Benkocould increase the rate even further, according to Denkhaus.
Experts assume that the plan will be adopted. “Anything other than approval would be a big surprise. The creditors have to make concessions, but actually have no other choice,” says Professor of Corporate Management in Retail, Jörg Funder. No one would benefit from a rejection of the plan and general bankruptcy. The creditors are then threatened with a total loss Gallery the destruction.
Verdi argues for the preservation of jobs
As a result of the bankruptcy proceedings, the company will shrink again. At the end of August, 16 of the 92 department store branches will close. Of the approximately 12,800 employees, 1,400 will lose their jobs.
Ver.diBefore the vote, negotiator Marcel Schäuble again called for a future-proof concept of the new one owners. “Above all, sufficient investments are needed to secure the department store concept, locations and employment in the long term,” he says. “As history has shown, branch closures and cost savings programs do not lead to successful realignment.”
If the creditors agree to the insolvency plan, this must be reconfirmed by the court. The insolvency proceedings can then be cancelled. Denkhaus wants to transfer the company to the new owners at the end of July. In early January, Galeria had one Application for bankruptcy placed. It’s the third insolvency within three and a half years.
Trustee Stefan Denkhaus has advised the creditors Galeria Karstadt Kaufhof recommended approval of the plan to rehabilitate the department store chain. ‘I’m convinced of that Gallery has a good future with this management and the new investors,” said the specialized lawyer for insolvency and restructuring law. He therefore advises creditors to accept the plan. The alternative is to split the company, Denkhaus said.
The creditors’ meeting will meet next Tuesday to discuss the agreement drawn up by Denkhaus Bankruptcy plan to vote. He should Pursue to make it competitive again and protect against general insolvency. The result must be known in the afternoon; the event is not open to the public.