St. Georgen / Stuttgart, September 18, 2024. An investor is being sought for the automotive supplier J.G. Weisser Söhne GmbH & Co. KG. The company from St. Georgen in the Black Forest has filed for insolvency under self-administration with the Villingen-Schwenningen district court. In order to accompany the restructuring process of J.G. Weisser Söhne, Markus Fauser and Tobias Wahl from Anchor Rechtsanwälte are taking on the role of general representatives in the company. The court granted the application and appointed lawyer Marc-Philippe Hornung from SZA Schilling Zutt & Anschütz Rechtsanwaltsgesellschaft as provisional administrator.

Business operations continue

Markus Fauser and Tobias Wahl, together with their colleague David Blum, have already gained an overview of the situation on site. They have also held a staff meeting with the management and the provisional administrator to inform all employees about the situation and answer initial questions about the process. After initial discussions with the most important customers from the automotive sector, the team from Anchor Rechtsanwälte, together with the company's management, was able to offer the prospect of continuing business operations. Production at the site will therefore continue as normal.

Insolvency of the parent company

J.G. Weisser Söhne GmbH & Co. KG is a provider of complete solutions for high-precision multifunctional lathes and automation solutions. The company's history goes back to 1830, when Johann Georg Weisser manufactured lathes and vices in a "locksmith and tool forge". In 1856, the J.G. Weisser Söhne machine factory was founded in St. Georgen. This is where the factory production of machines and tools began. In the decades that followed, the company developed the highest level of expertise in the development and construction of lathes. The company supplies companies in the automotive industry worldwide - primarily OEMs. In 2023, sales amounted to around EUR 59 million. The company most recently employed around 340 people. During the corona pandemic, J.G. Weisser Söhne was severely affected by supply chain problems. As part of a restructuring, the company was sold to the US Hardinge Group. Since the Hardinge Group itself had to file for Chapter 11 bankruptcy in the USA in the summer, J.G. Weisser Söhne's financing was no longer permanently secured. Negotiations for restructuring that were scheduled at short notice did not lead to a result within the desired time frame. This made the application for insolvency proceedings under self-administration unavoidable.

Investor process initiated

The Anchor team, with the two general representatives Markus Fauser and Tobias Wahl as well as David Blum, is now continuing the restructuring process. "In the past few days, I have come to know J.G. Weisser Söhne as a professionally organized company. Production is running at full speed and we currently have the highest order backlog in the last twelve months. If business partners and the company's team continue to work together so well, then I am convinced that we have a stable continuation solution," explains Markus Fauser. At the same time, Anchor is initiating a structured and professional M&A process. "Our shareholders and customers support our restructuring concept. The work in the company is continuing with full commitment," says Viktor Gaspar, Managing Director at J.G. Weisser Söhne.

Good chances for restructuring

Self-administration is a judicial restructuring procedure to preserve companies. In the event of insolvency proceedings in self-administration, the company is allowed to lead the company itself through the process under the supervision of a court-appointed administrator - accompanied by restructuring experts. The provisional administrator, lawyer Marc-Philippe Hornung from SZA Schilling Zutt & Anschütz Rechtsanwaltsgesellschaft, sees good chances for a successful restructuring: "I am optimistic about the chances for a successful restructuring and a stable solution. Together with all those involved in the process, I will work together with the management to achieve this and at the same time pay attention to the interests of the creditors."

The filing of the insolvency application was legally supported by Taylor Wessing Partnerschaftsgesellschaft mbB under the leadership of Dr Hendrik Boss and his team. "We have known J.G. Weisser Söhne very well from our collaboration for several years. As part of the restructuring process now underway, we will work together to find a good solution," explains Dr Hendrik Boss from Taylor Wessing.

Markus Fauser

Team Anchor Rechtsanwälte

Markus Fauser

Tobias Wahl

David Blum