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The search for investors in Willy Tiedtke is well underway. The contract should probably concern Auto Wichert. But different terms of the agreement still need to be clarified.
The insolvent dealer Willy Tiedtke in Hamburg has a future perspective again. As the law firm Schultze & Braun, in charge of the investor process, announced on Thursday night, the interim creditors' committee "unanimously approved the offer of creditors." a well-known company in the sector ". The name of the company will only be announced if the conditions precedent to a takeover in the coming weeks are fulfilled.
Shortly before, his local rival Auto Wichert had already entered the game as a potential lifeguard. Man confirms his interest in a merger with Willy Tiedtke, CEOs Bernd Glathe and Bernd Kussmaul said in a statement. "We have participated in the search for investors launched in this country, because we expect the merger to further stimulate our planned growth," said Glathe. Kussmaul pointed out that before a possible surcharge, it was still necessary to specify certain conditions.
The Wichert Group is currently active in Hamburg and Norderstedt with around 1,200 employees and 17 companies. The spectrum of the brand includes cars Audi, VW, commercial vehicles VW, Skoda and Seat. With acquisitions in the automotive sector, the owner-owned company has experience: in 2007, Wichert swallowed the automobile sector of Walter Köster, followed in 2009 by KG Junge.
Renovation without downsizing
According to Wichert management, all jobs and all active sites of Willy Tiedtke must be kept in case of takeover. Managing Director Alexander Tiedtke was particularly relieved: "It's good news that all employees can stay in. We have an excellent team in our company, which is why I am particularly pleased to have been able to secure all jobs. "
The traditional Hamburg merchant had requested the opening of insolvency proceedings in self-administration in early October (we reported). The reason was that the subsequent financing of the company could no longer be guaranteed. About 300 employees at five sites in the region are affected by the bankruptcy. Founded in 1935, Willy Tiedtke is the oldest contractor of the Audi, Skoda and Volkswagen brands in Hamburg.
One of the reasons for the financial crisis is the problems related to the performance of diesel lease contracts with a Euro 5 standard, the residual values of which have suffered greatly from the Volkswagen Group's exhaust gas scandal. Restructuring expert Gerrit Hölzle of the Görg law firm confirmed after the local media insolvency announcement that the diesel case had led to sales losses for Willy Tiedke. At the same time, he talked about "possible management errors". Hölzle and his colleague Thorsten Bieg accompanied the dealer during his self-administration.
According to the information, the merger could take effect on 1 January 2019. The court-appointed trustee Nils Krause of Schultze & Braun stressed the short duration of the restructuring: "Only three months elapsed between the request for reorganization and the good end of reorganization Processes can help companies restructure quickly if they are prepared and structured in a structured way. "(Rp)
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