Insolvency proceedings begin for 7 Fintyre Group companies in Germany
The process of finding investors for the Fintyre Group’s insolvent businesses in Germany is entering a decisive phase. Miguel Grosser, insolvency administrator from the legal firm Jaffé, states: “We’re very pleased that numerous indicative offers exist for the group’s business operations or parts thereof, on the basis of which we are now conducting further negotiations in order to achieve results as quickly as possible.”
The district court of Frankfurt am Main commenced bankruptcy proceedings for seven of the 16 companies yesterday, and in doing so transferred the power of disposition over these companies’ assets to the insolvency administrator. “It is a great success that we have made such rapid progress under conditions made very difficult by the corona crisis,” adds Grosser. “Everyone involved is making a major effort to find a going-concern solution and to retain jobs. We expect results from negotiations with potential investors in April and will do everything we can to achieve going-concern solutions. Even after the opening of the bankruptcy proceedings, the business operations of the now-open companies – insofar as this is possible in the current situation – continue for the time being. The workforce remains employed.”
Insolvency proceedings opened on 1 April for the following companies:
– Reifen Krieg GmbH (tyre wholesale, 121 employees)
– Secura Reifenservice GmbH (tyre retail and service, 60 employees)
– Duro Reifenservice GmbH (tyre retail and vehicle service, 17 employees)
– RS Exclusiv Reifengroßhandel GmbH (tyre wholesale, 43 employees)
– TyreXpert Reifen + Autoservice GmbH (tyre specialist and retail, vehicle service, 107 employees)
– Reifen24 GmbH (online shop, 5 employees)
– MoTi Reifen GmbH (tyre and wheel wholesale, 13 employees)
Insolvency proceedings for the other companies belonging to the Fintyre Group’s insolvent operation in Germany (mainly Fintyre Group GmbH, Reiff Reifen und Autotechnik GmbH, Tyre1 GmbH & Co KG, Mutavi Solutions GmbH, Komplettradlager GmbH and EFTD Real Estate Holding GmbH) will commence at a later date. These businesses also continue to operate, albeit with restrictions in some cases.
Fintyre’s German operation filed for bankruptcy on 6 February (Reifen Krieg GmbH) and 11 February because of insolvency and over-indebtedness. The group, which primarily specialises in the wholesale and retail sale of car accessories and tyres as well as the provision of related services, employs a total of more than 1,300 people and, according to recent figures, achieved group sales of around one billion euros.