3. market announcement
Progressing investor process @ GEWO
Background/ Status: While company succession in August 2019, the ability to service debt in the long range did not allow for the cascade of crises to come since (Corona, Ukrain-war,…). Therefore, on July 5th the responsible authority in Saarbrücken approved our request as debtor in possession(similar than chapter 11 in the US) for GEWO (AZ60IN31/23) as well as the mother LEWO (AZ60IN32/23). Dr. Martin Gitzinger (This email address is being protected from spambots. You need JavaScript enabled to view it.) was appointed as general representative to cover the legal requirements to support this process. Dr. Dennis Blank (This email address is being protected from spambots. You need JavaScript enabled to view it.) was appointed as (provisional) solicitor for GEWO and Mr. Stephan Hainz (This email address is being protected from spambots. You need JavaScript enabled to view it.) for LEWO. Oct 1stthe insolvency procedure became a “regular” in self-administration. Our business will continue to operate in full,self-managed without any restrictions. As part of the insolvency proceedings, we started an investor process to restore the company's sustainable future viability through appropriate restructuring.
Investor process: After the insolvency proceedings were initiated, a structured search for potential investors was started. The independent MENTOR AG was commissioned for this process represented by Mr. Senior Consultant Sebastian Schmitt (This email address is being protected from spambots. You need JavaScript enabled to view it.). The aim of the process is to ensure the sustainable relaunch and continuation of business operations at the current location through investor involvement. “The exploratory phase is almost complete, we are now entering the finish line with our investor process,” explains Thomas Finkler, who has led the company as CEO and shareholder since 2019.
Economic situation/ Conclusion: Our company's earnings situation is stable and positive and we are securely financed for several months. Orders are processed as usual. Please support us by placing your trust in our products, services and in us, your GEWO team!
We will keep you up to date!
Otzenhausen, 15.11.23
Thomas Finkler
Managing Partner / CEO
GEWO Gewindewalzwerkzeuge GmbH