Purchase agreements concluded for assets of HANSA GROUP AG and its subsidiaries
- Creditors’ committee approved the sale after reaching an agreement with employee representatives
- Swiss company GEMINI Holding AG will continue operations at the chemical group’s production sites
- A transfer company, location guarantees for the production sites and employment protection has been agreed for around 400 employees
Duisburg, 19 November 2014 - The Management Board of HANSA GROUP AG has concluded purchase agreements for the assets of HANSA GROUP AG and the business operations of its subsidiaries LUHNS GmbH, WASCHMITTELWERK GENTHIN GmbH and Chemische Fabrik WIBARCO GmbH with GEMINI Holding AG. The parties have agreed to renew the agreements at partially new conditions. The legal effect of the agreements will begin retrospectively as of November 1, 2014, the date of the original takeover deadline.
The creditors’ committee and administrator gave their approval after GEMINI Holding agreed on a restructuring agreement, redundancy plan and reconciliation of interests with selected employee representative groups and the German industrial trade union Industriegewerkschaft Bergbau, Chemie, Energie (IG BCE).
Employees whose services will no longer be required by the group will be offered a transfer to an employment and qualification company. GEMINI Holding has issued an initial two-year location guarantee for the production sites. During this period, around 400 employees are protected from redundancy.
“We believe in the group’s potential and its employees,” explained Khodayar Alambeigi, who will be responsible for the group in future. The operations will be continued by the new owner.
Experienced reorganization expert Bernd Depping from the law firm dnp Depping, who has been Chief Restructuring Officer (CRO) of HANSA GROUP AG since July 2014, emphasized: “By applying the ESUG restructuring law, we have implemented the legislative intent of upholding the interests of the creditors, maintaining assets and providing the group with prospects for the future. All this was achieved with the dedicated and constructive support of all parties involved.”
Marc Welters of the Executive Board of IG BCE and chief negotiator of the restructuring agreement added: “The contributions of the employees demonstrate the hope and the confidence of being able to lead the newly restructured companies towards a successful future. We were also able to keep the participation at an acceptable level.”
Friedhelm Hundertmark, regional head of IG BCE Ibbenbüren, emphasized: “By softening the loss of jobs through a transfer company, we hope to secure the prospects of the affected colleagues on the job market. Our main concern was to protect the almost 400 jobs. We did everything in our power to prevent the alternative scenario from materializing.”
The administrator, lawyer Horst Piepenburg, who was appointed by the Local Court Duisburg, thanked all those involved with the restructuring process for their “immense effort and commitment towards reaching an agreement and for their perseverance in securing as many jobs as possible and to save the group.”
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