- Restructuring of the ae group is aimed for
- Management remains in entrepreneurial responsibility
- Restructuring expert Martin Mucha joins as chief representative
- Slump in sales due to falling demand from the automotive industry
On 12.08.2024, the ae group AG filed an application for the opening of insolvency proceedings under self-administration with the Meiningen Local Court. Reduced demand from the automotive industry has put the manufacturer of aluminum die-cast parts in an economic imbalance.
"The ae group's business operations will continue without restrictions as part of the court-ordered restructuring proceedings. Our aim is to preserve the company," emphasizes lawyer Martin Mucha from the law firm GRUB BRUGGER, Stuttgart. The experienced restructuring expert Martin Mucha and his team have joined the company as general representatives for the duration of the proceedings and are supporting the management with the restructuring. The wages and salaries of the approximately 1,000 employees are secured until the end of October thanks to the insolvency substitute benefits.
The ae group was founded in 1980 and most recently generated sales of around 150 million euros. The company produces die-cast aluminum parts, e.g. transmission housings, engine components, transmission control parts and battery housings for the automotive industry. The ae group has four production sites in Gerstungen in Thuringia (headquarters), Nentershausen in Hesse, Lübeck and Strzelce Krajenskie in Poland. The ae group's Management Board members are Christian Kleinjung (CEO) and Philipp Bächle (CRO, Chief Restructuring Officer).
Self-administration provides companies with a legal framework to restructure themselves in close consultation with creditors while business operations continue. In contrast to regular insolvency proceedings, entrepreneurial responsibility remains in the hands of the management, which controls the restructuring itself. Insolvency law allows this in cases where companies take action themselves at an early stage in the event of economic problems and there is sufficient scope for a solution. Both are the case with the ae group. In self-administration, the competent local court does not appoint an insolvency administrator, but a so-called administrator. This monitors the proceedings in the interests of the creditors. Dr. Romy Metzger from the law firm SGP Schneider Geiwitz has been appointed as the provisional administrator.
"We very much regret having to take this step. Although we have already intensified our efforts to restructure our company in recent months, the slump in demand from car manufacturers continues to cause us great difficulties. We are confident that the insolvency proceedings will enable us to restructure our company and preserve jobs," explains Christian Kleinjung, CEO of ae group AG.
"The substance of the ae group is good and the products are of the highest quality. We are therefore striving to restructure the company and hope that we can find a good solution together with the employees, customers and suppliers," adds Martin Mucha, General Manager.
About the ae group AG
WE SHAPE INNOVATION! The ae group is an innovative automotive supplier with expertise in light metal die casting, machined parts and finished components. With more than 40 years of experience in the development and production of aluminum die-cast parts for automotive manufacturers worldwide, the group is one of Germany's leading suppliers. The company has three locations in Germany and one in Poland, as well as an in-house research and development department. ae group AG is managed by Christian Kleinjung (CEO) and Philipp Bächle (CRO, Chief Restructuring Officer) and is owned by Alutech Holding GmbH & Co. KG, Munich. www.ae-group.de
About GRUB BRUGGER
GRUB BRUGGER has been a law firm specializing in insolvency, restructuring and commercial law for over 50 years, operating nationwide from its offices in Stuttgart, Munich, Frankfurt a. Main and Freiburg i. Breisgau with over 50 professionals. In addition to insolvency administration, insolvency administration and self-administration, GRUB BRUGGER advises companies in crisis as well as creditors. According to the JUVE Handbook of Commercial Law Firms 2023/2024, GRUB BRUGGER is once again one of the leading law firms in insolvency administration/property administration. In the JUVE Handbook 2022/23, GRUB BRUGGER was named "Law Firm of the Year 2022" for insolvency and restructuring.
Martin Mucha is a specialist lawyer for insolvency law, partner at GRUB BRUGGER and, according to the JUVE Handbook of Commercial Law Firms 2023/2024, repeatedly one of the leading names in insolvency administration in Germany. Martin Mucha was also recently listed among the most renowned lawyers for restructuring in the WirtschaftsWoche ranking. In 2023, the Insolvency Law and Restructuring Working Group presented Martin Mucha with the AWARD 2023 "Self-Administrator of the Year". The Handelsblatt recently named Martin Mucha Lawyer of the Year in the field of restructuring and insolvency law. Martin Mucha is a member of the German Association of Insolvency Administrators and Trustees (VID) and the Gravenbrucher Kreis. More at www.grub-brugger.de
About SGP Schneider Geiwitz
SGP Schneider Geiwitz has been supporting companies for more than 40 years. With around 400 employees, the law firm is represented at 23 other locations in addition to its headquarters in Ulm. With the divisions of auditing, tax and legal advice, corporate finance, real estate management and restructuring, the company the company covers a comprehensive range of services for companies.
