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Fintyre initiates debt restructuring programme

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The first months of 2020 marked a difficult time for the company, which worsened due to the Covid-19 pandemicFintyre

On 15 June 2020 Italian tyre distributor Fintyre filed an application for admission into a debt restructuring arrangement with creditors to preserve “business continuity and better safeguard the interests of its creditors and of all the subjects who, for various reasons, have relationships with Fintyre”, according to our Italian group publication PneusNews.it. Related businesses Franco Gomme and Tire Retail (Pneusmarket) are not part of the arrangement.

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Fintyre in talks with “potential new investors”

Fintyre, the large but troubled European tyre distribution enterprise, has confirmed that it is talking to “potential new investors” in a statement designed to clarify its ongoing position “given the events that have taken place in the last few months”.

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Buyers found for 2 more Fintyre businesses in Germany

A week ago, Bridgestone announced its acquisition of 42 Reiff Reifen und Autotechnik retail outlets in Germany from the now-bankrupt Fintyre Group business. The insolvency administrator handling the Fintyre case reports that buyers have also been found for two further Fintyre businesses, Duro Reifenservice GmbH and Reifen24 GmbH.

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Bridgestone acquires former Fintyre Germany tyre trade group Reiff

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Reiff

Bridgestone has acquired German specialist tyre trade group, Reiff Reifen und Autotechnik GmbH. The company, part of the collapsed Fintyre Germany group, includes the Reiff, Netto and ABS brands. Reiff runs a network of 42 retail stores in the south of Germany, as well as a tyre retreading plant, all of which are part of the acquisition deal. It has more than 500 employees.

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End of the line for German tyre wholesaler RS Exclusiv

Some ten weeks ago, German tyre wholesaler RS Exclusiv Reifengroßhandel GmbH entered insolvency as part of the Fintyre Group’s operations in Germany. It now seems that the company’s days are numbered. The insolvency administrator’s office confirmed the sale of RS Exclusiv’s headquarters site north of Hamburg to our German partner magazine, Neue Reifenzeitung. The wholesaler has quarter of a year to pack its things and go. But the insolvency administrator also reports another, more cogent reason for winding up the business.

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Insolvency proceedings begin for 7 Fintyre Group companies in Germany

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Insolvency proceedings begin for 7 Fintyre Group companies in Germany

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Related posts:

  1. Fintyre Group employee pay ‘coming’, restarting business operations a priority
  2. Search for Fintyre investor begins as employees receive insolvency benefits
  3. Some Fintyre companies operating again in Germany
  4. Fintyre’s insolvent businesses: All unpaid employees now receiving benefits
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Fintyre insolvency: Investors look at companies

According to Sebastian Brunner, spokesman for the provisional insolvency administrator handling the Fintyre Group case, a number of parties have already expressed interest in acquiring individual companies belonging to Fintyre’s insolvent German operations. These potential investors have already inspected the companies in question or will do so in the near future. “We hope to already have binding offers on the table in April and then be able to enter into negotiations,” said Brunner.

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Some Fintyre companies operating again in Germany

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The insolvency administrator handling the case of 16 Fintyre Group companies in Germany reports further progress. Miguel Grosser from law and insolvency administration firm JAFFÉ states that 31 TyreXpert, Secura and Duro retail outlets are selling tyres again and providing a full range of customer services. Other centres, including those belonging to Reiff Reifen und Autotechnik, can operate on a “restricted” basis but not sell new products.

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Fintyre insolvency: New month, no pay

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Reiff

Hundreds of people employed by Fintyre Group subsidiaries in Germany didn’t receive their wages or salaries for January, and it looks like this unhappy situation occurred again a month later. Disgruntled employees have contacted our German affiliate to confirm the lightness of their bank accounts, but apparently, they’ll soon become weightier.

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Fintyre’s insolvent businesses: All unpaid employees now receiving benefits

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All employees of the Fintyre Group’s 16 subsidiary companies in Germany who didn’t receive their wages or salaries for January have now received insolvency benefits – which Fintyre will ultimately pay for, one way or another.

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Search for Fintyre investor begins as employees receive insolvency benefits

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It’s still early days for Fintyre’s insolvency proceedings in Germany, but some progress has been made. The insolvency administrator appointed to the preliminary insolvency proceedings for 16 Fintyre Group companies reports the appointment of a committee of creditors. This committee will work with a “leading international transaction consultant” to find a new investor for Fintyre. At the same time, some of the Fintyre employees who weren’t paid salaries or wages for January have now received insolvency benefit payments.

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Fintyre Group employee pay ‘coming’, restarting business operations a priority

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All 16 companies in the German Fintyre Group have now applied to open insolvency proceedings. But what lies ahead for the 1300-plus employees awaiting wages and salaries, the affected companies’ creditors, and the companies themselves? Sebastian Brunner, spokesman for Miguel Grosser, the provisional insolvency administrator at law firm Jaffé, told our sister website in Germany, Reifenpresse.de, that approximately 200 Reifen Krieg employees will receive their outstanding January wages and salaries in the coming days. Business at the group’s wholesalers and retailers is largely at a standstill, though the office of the provisional insolvency administrator has some more positive news on this too.

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Anger amongst Fintyre Group’s workforce in Germany: “They’re dealing with people, not numbers”

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They are resigned, angry and desperate. But above all, they’re disappointed. Disappointed that they weren’t informed about the bankruptcy by their employer Fintyre, but by the media. Our sister publication in Germany, Neue Reifenzeitung, has spoken with staff at TyreXpert outlets in the north of the country to gain an insight into the mood of the workforce.

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German Fintyre Group almost completely in bankruptcy

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German Fintyre Group bankruptcy

Just a few days after bankruptcy proceedings were initiated by Reifen Krieg GmbH, several other companies under the umbrella of the German Fintyre Group are now bankrupt, including almost all of the companies relevant to the operating business.

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Fintyre Group’s Reifen Krieg files for bankruptcy

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German tyre distributor Reifen Krieg GmbH, part of the Fintyre Group of companies (Fintyre) active in tyre distribution and retail in Germany and Italy, filed bankruptcy proceedings on the evening of 6 February in Frankfurt, with lawyer Miguel Grosser appointed trustee. Tyrepress reported on Monday that the group’s chief executive officer, Claudio Passerini – who is also the CEO of the group’s umbrella organisation in Germany, Fintyre Group GmbH – had written to Fintyre’s German employees to inform them of restructuring necessary for the short-term to ensure its sustainable continuation in the wake of missed salary payments in January.

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