- Application for the opening of insolvency proceedings filed / Attorney Dr. Hans Joachim Berner (WILLMERKÖSTER law firm) appointed as provisional insolvency administrator
- Business operations will continue without restrictions / Wages and salaries of around 80 employees are secured until October 2024
- Search for new investors in the course of a structured investor process will start in the next few days
Hamburg, August 6, 2024 – kumkeo GmbH, a specialist in project implementation and product development for measurement, control and regulation technology, has filed an application for the opening of insolvency proceedings with the responsible district court in Hamburg. The court then appointed the restructuring expert Dr. Hans-Joachim Berner, partner at the WILLMERKÖSTER law firm, as the provisional insolvency administrator for the company. The WILLMERKÖSTER law firm is one of the most powerful insolvency law firms in Germany. kumkeo GmbH was founded in 2009 and, in addition to its headquarters in Hamburg, operates another location in Kiel. The company has grown very dynamically since its founding and, with around 80 employees, recently achieved an annual turnover of over 10 million euros. The engineering office focuses on marketing self-developed system components for wind turbines worldwide. In addition, kumkeo GmbH, as a focused business-to-business company, provides engineering services for major customers such as ENERCON, Nordex, Airbus, Sartorius and Jungheinrich as well as companies in the defense industry. The company is ISO 9001 certified and is specifically designed for appropriate security controls and processes with regard to IT security.
As the provisional insolvency administrator announced in an initial statement, business operations at kumkeo GmbH can continue without restrictions. The salaries of the approximately 80 employees are secured until October 2024. The employees have already been informed about the insolvency proceedings and the next steps in the process. In the coming weeks, the company will work with management to examine what future prospects might look like. At the same time, a structured investor process will be started to find new investors for the company.
kumkeo GmbH has been faced with a strained liquidity situation for some time, which was further exacerbated in 2022 by rating downgrades for important customers. Most recently, payment delays for major orders and delays in development partnerships also had an impact on kumkeo GmbH’s liquidity, which ultimately could no longer be compensated for. By filing for insolvency proceedings, the company will now intensify and accelerate the ongoing restructuring under the protection of insolvency law.
Dr. Hans-Joachim Berner, as provisional insolvency administrator: “The competitive environment has become increasingly difficult even for the larger engineering firms in Germany. But there are still market opportunities, especially in connection with the industrial transformation of companies and climate-friendly energy infrastructures. Some of kumkeo GmbH’s projects are close to series production. At kumkeo GmbH, a combination of different factors has led to financial difficulties. When companies grow very quickly and then payments from orders are delayed or new products can be brought to market later than planned, this often has a dramatic effect on liquidity. In the coming weeks, we will work on strengthening liquidity and making use of opportunities for restructuring under the protection of insolvency law. To this end, we are seeking discussions with all those involved. At the same time, we are starting to look for new investors.”
Further information about kumkeo at: www.kumkeo.de
Further information about WILLMERKÖSTER is available at: www.willmerkoester.de
