“Business operations continue in full at all locations and companies of the WKW.group worldwide,” says Exner, who says he is getting an idea of the situation on site and is examining “the options for restructuring.” “All orders will continue to be manufactured without restrictions and delivered as usual.”
The wages and salaries of the approximately 1,800 employees affected in Germany are secured through insolvency benefits up to and including November. After Walter Klein GmbH & Co. KG, Wuppertal and WKW Aktiengesellschaft, Velbert filed for bankruptcy last week, other companies have now filed for bankruptcy: Erbslöh Aluminum GmbH, Velbert u. Hemer (branch) / WKW Engineering GmbH, Wuppertal / WKW Roof Rail GmbH, Velbert / WKW AnodiCoat GmbH & Co. KG, Sprockhövel.
The responsible insolvency court summarized the proceedings and bundled them with Exner as the provisional insolvency administrator. According to the law firm, this “increases the chances of a holistic restructuring”. WKW Unternehmens-Akademie GmbH, Velbert, WKW Verwaltungs GmbH (Velbert) and the companies in Hungary, France, Monaco, Tunisia and the USA are not affected.
According to his own statement, the provisional insolvency administrator “informed most of the employees of WKW Aktiengesellschaft and Walter Klein GmbH & Co. KG about the situation in meetings together with the management.” Further company meetings will therefore take place on Monday and Tuesday next week. “The clear goal is to preserve the company and as many jobs as possible,” emphasized Exner.
At the same time, he made contact with the company’s customers, which include well-known automobile manufacturers. There are “initial, positive developments” here. The companies have declared their willingness to continue working with the “WKW.group” and to support its continuation. “This is an important signal and a good basis for discussions and negotiations with potential investors, which will begin promptly,” said the provisional insolvency administrator.
The “WKW.group”, like the entire supplier industry, is suffering from the weak economic situation in the automotive industry”. The management initiated a restructuring process some time ago and negotiated the entry of an investor. After the sales negotiations were unable to reach a conclusion in the short term, the management decided to continue the restructuring process within the insolvency proceedings.
The investor process is now to be set up or resumed under insolvency conditions. “Insolvency proceedings have the great advantage that an investor can take over the company without debt,” explained Exner. “This usually gives the process new impetus.”
The “WKW.group” manufactures decorative and functional components as well as roof railing systems made of aluminum, steel and plastic. The group recently generated annual sales of 560 million euros and employs a total of 3,300 people in six countries.
