Automotive supplier J.G. Weisser Söhne is looking for an investor

Insolvency under own management Automotive supplier J.G. Weisser Söhne is looking for an investor

2024-10-02 Source: J. G. Weisser Söhne | Translated by AI 1 min Reading Time

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The company from St. Georgen in the Black Forest has filed for insolvency under its own administration at the Villingen-Schwenningen District Court, which approved the application.

J. G. Weisser Söhne recently had to declare insolvency. Fortunately, the process is being managed under its own responsibility. They are now urgently looking for an investor. Reportedly, there is a good chance that the business can get back on track.(Image: J. G. Weisser Söhne) — J. G. Weisser Söhne recently had to declare insolvency. Fortunately, the process is being managed under its own responsibility. They are now urgently looking for an investor. Reportedly, there is a good chance that the business can get back on track.
(Image: J. G. Weisser Söhne)

J.G. Weisser Söhne GmbH & Co. KG is a provider of complete systems for high-precision multifunctional lathes and automation projects. The company's history dates 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 established in St. Georgen, where it began the industrial production of machines and tools. Over the following decades, the company developed significant expertise in the design and construction of lathes. Since then, the company has supplied the global automotive industry, primarily OEMs. However, during the COVID-19 pandemic, it was significantly affected by supply chain issues. As part of a restructuring, the company was sold to the American-based Hardinge Group. However, when Hardinge filed for bankruptcy under Chapter 11 in the USA during the summer, the financing was no longer secure. Short-term negotiations for restructuring did not achieve results within the desired timeframe, making the current bankruptcy unavoidable.

There are good prospects for successful restructuring

Self-administration is a judicial restructuring process aimed at preserving companies. During this process, the company can manage itself under the supervision of a court-appointed custodian, with the support of restructuring experts. The preliminary custodian, attorney Marc-Philippe Hornung from SZA Schilling Zutt & Anschütz Rechtsanwaltsgesellschaft, is optimistic about the chances for a successful restructuring and achieving a stable structure. He has stated that he will work together with all parties involved in the proceedings and the management team, while also paying attention to the creditors' interests. The filing for insolvency was legally accompanied by the Taylor Wessing partnership under the leadership of Dr. Hendrik Boss and his team. "We have known J.G. Weisser Söhne very well for several years from our collaboration. As part of the ongoing restructuring process, we will contribute to the rescue," said Dr. Hendrik Boss from Taylor Wessing.

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