It has been bought by the Italian cutlery manufacturer Sambonet which
will be taking over the entire business operations, all employees,
trademark rights, patents and production facilities. The agreement
became effective when the main creditor, Bank of America, approved the
release of all collateral last weekend, including all trademark rights.
These will be transferred into the ownership of the new company
Rosenthal GmbH which will be founded by Sambonet.
Boehm has expressed his satisfaction
with the takeover, saying that Sambonet complements Rosenthal perfectly
and offers Rosenthal a much-deserved chance for a truly new beginning.
Due to the complimentary nature of their operating markets, Boehm is
confident that the two firms will be well placed to several
strategic plans together, and that Sambonet will greatly benefit as
they will be able to use Rosenthal’s existing retail stores and take
advantage of their well-developed international retail trade.
Although the insolvency process was complicated, Boehm progressed fast. He used the time since January 2009 when Rosenthal filed insolvency to implement initial important measures for the necessary restructuring process and for stabilising business. Unprofitable locations were closed, the product range was adjusted, and
cost cuttings were realised. For the current year Boehm anticipates a balanced result again, with some business units even showing slight
growth rates. He also expressed his gratitude for the trustful and
constructive co-operation of the employees and workers council, adding
that without the dedication of all parties involved, Rosenthal would
not have survived the insolvency process.
Publications Schultze & Braun:
Frank Tschentscher, Attorney at Law in Germany, Solicitor (England and Wales)
At a crossroads - Restructuring could put Vauxhall back in the fast lane and teach their German counterparts a thing or two
Accountancy Age, 16.07.2009
Frank Tschentscher, Attorney at Law in Germany, Solicitor (England and Wales)
Special Report - Insolvency: Car trouble
The Lawyer, 13.07.2009
