IMAP advises on investor solution in protective shield proceedings of textile machinery manufacturer Saurer Spinning Solutions GmbH & Co. KG

Saurer Intelligent Technology Co. Ltd, listed in Shanghai/China and the listed Swiss textile machinery manufacturer Rieter Holding AG have signed an agreement for Rieter to acquire selected business units from the Saurer Group through a newly formed joint venture. Thereby, the automatic winding machine business (Schlafhorst) from Saurer Spinning Solutions GmbH & Co. KG will be acquired. This investor solution enabled to withdraw the insolvency petition of Saurer Spinning Solutions GmbH & Co. KG. In the course of the investor process initiated by the self-administration and the custodian, the joint venture was able to prevail against an international field of renowned strategic and financial investors.

Saurer Spinning Solutions is a leading and innovative textile machinery manufacturer with >160 years of experience in development and production of high-tech systems and components. The product portfolio comprises open-end-spinning, ring-spinning and winding machinery as well as complementary components and services for the textile industry. Since July 2013, the company is part of the global technology group Saurer, listed on the Shanghai Stock Exchange. Saurer Spinning Solutions generates annual sales of approx. EUR 450m with around 1,200 employees in three locations in Germany.

Due to the combination of the negative effects of the COVID-19 pandemic and the adverse effects of the tariff and trade wars on the strongly international supply relationships, Saurer Spinning Solutions initiated protective shield proceedings in self-administration on June 16, 2021. The investor solution that has now been found, ensured a 100% satisfaction of creditors and enabled the withdraw of the insolvency petition on August 17, 2021. The self-administration was led by Dr. Sven Tischendorf (CRO) and Dr. Alexander Höpfner (CIO) of AC Tischendorf who are going to continue to be at the disposal of the new management to ensure a smooth transition. Dr. Dirk Andres of AndresPartner acted as custodian in the insolvency proceedings.

The IMAP team around Henning Graw (Managing Partner), Christoph Gluschke (Director), Carsten Biel (Project Manager/VP), Sebastian Dinklage (Associate) and Leonard Sechi (Analyst) exclusively advised Saurer Spinning Solutions GmbH & Co. KG in structuring and conducting a limited investor process as financial advisor.

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