New investor found - Giesserei Schmidt GmbH & Co. KG completes reorganization process

The foundry Schmidt GmbH & Co. KG can continue operations. An investor has been found for the traditional Cuxhaven-based company, who will take over the business in its entirety while retaining all 57 jobs. At the same time, the previous plant manager Peter Heinze will take over the management.

The investor is Jens Jäger, who has extensive experience in turning around companies. Jäger sees considerable potential in both foundry sites and plans extensive investments as well as new hires.

Giesserei Schmidt GmbH & Co. KG on Neue Industriestraße had run into difficulties in 2022, partly as a result of increased energy and raw material prices, and filed for insolvency in January 2023 through the previous managing director Ulrich Goßlau. The district court in Cuxhaven then appointed attorney Jan M. Antholz, a specialist in insolvency law and restructuring, as provisional insolvency administrator.

"The initial situation was conceivably difficult. The political environment and the current high energy and raw material prices are putting a great strain on medium-sized companies in particular," says Jan M. Antholz. "Giesserei Schmidt's advisors recognized this situation and chose the path of restructuring via insolvency proceedings." According to Antholz, the German insolvency code makes it possible to set up companies in a sustainable manner for the future. The example of Giesserei Schmidt shows this impressively, says Antholz.

In addition to Jan M. Antholz, Bettina Bugus-Fahrenhorst (labor law) and Frank van Alen (corporate law) from the law firm SKW Schwarz acted as advisors to Giesserei Schmidt.