eyevis to restructure using insolvency proceedings8 December 2017
eyevis GmbH has announced plans to complete its restructuring with the help of insolvency proceedings – equivalent to preliminary administration.
In German law ‘preliminary administration’ is a temporary and short-term status, which allows eyevis to finalise the company restructuring process and utilise additional funding.
eyevis, which is headquartered in Reutlingen near Stuttgart, filed a respective application to the local district court. The district court ordered Attorney Dr Holger Leichtle from Schultze & Braun as provisional insolvency administrator. The company is keen to stress that business continues unchanged: “All orders are processed as agreed,” said Leichtle. The 120 employees are covered by the insolvency benefit until February.
Before the bankruptcy petition, eyevis worked with consultants to develop a restructuring concept and started reorganising the company. In addition, a targeted search for potential investors was initiated. “The reactions to this M & A process have so far been very positive,” reported Leichtle. ”In my opinion, the chances are good that we will find a suitable solution here within the framework of the procedure. The goal is to reorganise the company and thus maintain the highest possible number of jobs.”
eyevis says it came into financial difficulties due to a complex financing situation with high interest and repayment costs as well as the high pre-financing requirement of the project business. The insolvency proceedings include eyevis Gesellschaft für Projektions- und Großbildtechnik GmbH and eyevis Holding GmbH. The other companies in the eyevis Group, Teracue, eyevis France and eyevis Spain are not affected by the insolvency petition.
Additionally, eyevis UK operates as a private entity, therefore the status of eyevis GmbH does not affect the company in any way and they will continue to work as its dedicated business partner.
The company stills plans to exhibit at ISE 2018: “We will be presenting a series of new developments as usual at our stand 2-B70 at the fair,” said Wolfgang Schön, managing director of eyevis GmbH. “Naturally also as a clear signal for our customers and symbol for the positive continuation prognosis of the enterprise.”