03-13-2013Projekt

Advising on sale of Neumayer Tekfor Group to Amtek Auto

Heuking Kühn Lüer Wojtek comprehensively advised Neumayer Tekfor on the sale to Amtek Auto, an Indian manufacturer of special machines for the automotive industry. The transaction was recorded on the weekend. Already in September 2012, protective shields were obtained under the new Act for the further easement of the reorganization of enterprises (see our Press Release of September 17, 2012).

For the group's short-term debt relief, Heuking Kühn Lüer Wojtek drafted insolvency plans in coordination with the company appointed administrator, trustee and Neumayer CFO Norbert Loers. Neumayer Tekfor is therefore transferred to Amtek as a reorganized company. At Heuking Kühn Lüer Wojtek, a team of specialists from various offices led by Munich-based partner Prof. Dr. Georg Streit (Reorganization) and Dr. Mathias Schröder (M&A) is working for Neumayer Tekfor.

"Only the Act for the further easement of the reorganization of enterprises has allowed for a successful reorganization of Neumayer Tekfor in this form," said Prof. Dr. Georg Streit, leading the insolvency team at Heuking Kühn Lüer Wojtek. By concentrating procedures at headquarters and obtaining protective shields was it possible to draft a reorganization concept for the entire group and insolvency plans for the debt relief of the individual companies.
"This in turn now allows for the sale of the company as a whole," Dr. Mathias Schröder pointed out. The sale as a whole is made possible by means of a share deal including customer and supplier relationships, including accordingly high proceeds for creditors and without the loss of jobs. It is important that two specialists who are also renowned as insolvency administrators, lawyer Joachim Exner as company appointed administrator and lawyer Dr. Markus Plathner as judicially ordered trustee, are accompanying and adding their experience to the reorganization in close coordination with the various stakeholders.

In ten plants in Germany, Italy, the USA, Brazil and India, the Neumayer Tekfor group develops and manufactures pioneering solutions for transmissions, engines, drivelines and automotive special applications.

Amtek Auto most recently reported revenue of US-$1.3 billion. The family-owned company is listed at the Mumbai stock exchange. Amtek Auto will fully take over Neumayer Tekfor with 3,300 employees.

Counsel to Neumayer Tekfor:

Heuking Kühn Lüer Wojtek:
Prof. Dr. Georg Streit (Lead and Lead Reorganization, Munich)
Dr. Mathias Schröder, LL.M. (Lead M&A, Munich)

M&A: Dr. Ulrich Jork,
Dr. Helge-Torsten Wöhlert,
Marcel Greubel,
Alexander Weber, LL.M.,
Uwe Nestler, LL.M. (all Munich)
Finance: Dr. Guido Hoffmann, LL.M. (Düsseldorf)
Reorganization: Dr. Stefan Proske (Berlin)
Dr. Johan Schneider (Hamburg)
Dr. Fabian Bürk, LL.M. (Munich)
Dr. Stephan Degen, StB, Maître en Droit (Munich)
Kerstin von Staa (Munich)
Dr. Benjamin Kurzberg (Berlin)
David Loszynski (Hamburg)
Dr. Alexander Kriebel (Hamburg)
Tax: Marion Sangen Emden (Düsseldorf)
Real Estate: Carsten Wagner, Steffen Wilberg (both Munich)
Employment: Bernd Weller (Frankfurt)
IP: Dr. Anton Horn, Sönke Popp (both Düsseldorf)
Insurance: Dr. Stefan Jöster, LL.M. (Cologne)
Antitrust Law: Dr. Reinhard Siegert (Munich, Brussels)