Joint press release of Insolvency Administrators for Peter Deilmann Reederei GmbH & Co. KG and for the shipping companies operating river cruises:
Insolvency proceedings are opened – unrestricted Business is continued
Neustadt in Holstein. On September 1, 2009 insolvency proceedings for Peter Deilmann Reederei GmbH & Co. KG and the Deilmann shipping companies for the operation of river cruises was opened. Attorney Edgar Grönda of Schultze & Braun was appointed Insolvency Administrator for Peter Deilmann Reederei and attorney Detlef Stürmann, also of Schultze & Braun's, was appointed for the shipping companies of the river vessels.
After the company declared insolvency on June 24, 2009 due to declining numbers of passengers with the river business branch, the insolvency court appointed Mr Grönda and Mr Stürmann as provisional administrators. The operation would be continued throughout the sailing season and is ensured for the time after the opening of the insolvency procedures. During the phase of Opening the insolvency procedures, "We successfully maintained cooperation between the company and its customers, travel partners and suppliers. In this way were able to resume operation of the cruise line", commented Mr Stürmann.
Having negotiated intensively with the participating credit institutions regarding the maintenance of the company financing until the end of the current river season, they finally received approval, “by doing this we accomplished the stabilization of the business in regard to the finances“, said Mr Grönda.
At the end of August the period of support by the state expired and the Deilmann cruise line is now paying the salaries for the employees again.
The company owning MS Deutschland is not affected by the insolvency proceedings. The Deutschland management’s objectives are to concentrate on the ocean business for the future.
The river cruises with the Deilmann vessels in Germany and abroad will only be operated until the end of this season. After the final river cruises and the disposal of the vessels, the company will concentrate on the ocean cruises with MS Deutschland. “Per agreement with the financing banks we have commenced a structured bidding process in order to commercialize the river vessels at best.” explained Mr Stürmann. The most important target is to save as many jobs on board the vessels as possible.
At present the company is working on a restructuring and redevelopment plan. This concept also includes final considerations concerning the appropriate selection of personnel to suit the needs of the company's new organization. In September negotiations will be conducted with the employees regarding the parameters and the extent of future personnel measures.
Next step will be to present an insolvency plan as an instrument for the restoration of the company with the first creditor's assembly on November 3, 2009.
For further
information please contact our spokesperson:
Mail: Presse@schubra.de,
Phone: +49 (0) 7841/708-0
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Schultze & Braun Rechtsanwaltsgesellschaft für Insolvenzverwaltung mbH http://www.schubra.de, Email: mail@schubra.de |