Schindhelm Team advises in sale process of ICT Automotive Group

A Schindhelm Team has advised the insolvency administrator of ICT Automotive Group in the asset sale process to Korean Dongkook Industry Co. and thereby essentially contributed to the rescue of a large number of jobs.

An international Schindhelm Team (Dr. Christoph Bottermann, LL.M., Matthias Kirsch, LL.M (USA) (overall lead), Dr. Axel Berninger, Mag. Monika Wetzlerová-Deisler) advised on the contractual documentation for the reorganisation of the automotive supplier Innovative Components Technologies (ICT). The ICT Group generates an approx. annual turnover of EUR 200.000.000 with 1.300 workers group wide. Following successful negotiations in Germany and Korea, the Asset Sale and Purchase Agreement between the insolvency administrator and lawyer Mr. Stephan Höltershinken as seller regarding the sale and transfer of assets of ICT Group to the buyer Korean Dongkook Industry Co., a globally acting group of companies, has been signed at the beginning of August. The transaction was closed as of 13 August 2013 and therefore secures the future of the company and its jobs.

Following ICT GmbH's financial difficulties in 2012 and an application for and the opening of insolvency proceedings with individual responsibility on 10 July 2012, the insolvency administrator Höltershinken took over the reorganisation proceeding of the company as of 1 October 2012 following the opening of the insolvency proceeding itself. Schindhelm assisted in drafting the Asset Purchase Agreement and with any related measures, which not only took into account the interests of the involved companies but also the interests of the customers, suppliers, partners and staff of automotive supplier ICT. In addition to the insolvent German sights Wächtertsbach and Lennenstadt, the Korean purchaser also took over the sights in Tachov (Czech Republic) and Boja (Spain) and the entire workforce.

Contact Person

Lawyer Matthias Kirsch, LL.M. (USA), Osnabrück