Insolvency proceedings successfully completed

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Creditors vote for restructuring of Hagedorn

Osnabrück, 24th of September 2012 

Last Friday, the re-structuring of the Hagedorn-Group has overcome another hurdle. The creditor’s meeting of the chemical company has given its unanimous vote to the insolvency plan, which had been worked out by the management and administrator for the Hagedorn AG and Hagedorn NC. This plan foresees the preservation of the companies instead of liquidation. For Hagedorn NC the joining of a new investor is possible. „With this, Hagedorn has got a solid foundation for its future,“ states administrator, Stephan Michels. “The re-structuring process is continuing and the insolvency proceedings are expected to be concluded within the next few months. It will then be possible to determine a quota, which will be the base for the settlement of overdue receivables for the creditors.”

Business activities of both companies are continuing unchanged. “We have got a good order situation and are still producing without restrictions,” states Dirk Brauch, the companie’s Board of managers. “Therefore no further redundancies are planned.”


Insolvency procedures at Hagedorn companies opened

Thursday, 30. August 2012

The insolvency procedures of Hagedorn AG as well as its affiliated companies Hagedorn-NC GmbH, Hagedorn-Plastic GmbH and Hagedorn Wohnungsgesellschaft mbH has been opened on 30. August 2012. The insolvency administrator for these 4 companies, Mr Stephan Michels from Bad Iburg, was appointed by the magistrate’s court Osnabrück. where Mr Michels has held previous positions as preliminary administrator. „The operational business is stable and carries on regardless the opened procedure”, states Mr. Michels. With immediate effect, wages and salaries are not to be financed through the insolvency money, but from the current financial year without restrictions.  

Along with the preliminary creditor committee, the management and managing board with Dirk Brauch at the helm, the administrator is currently assessing the restructuring of the companies by means of an insolvency plan. “With this, we will  restructure, disencumber Hagedorn and thus ensure Hagedorn is well prepared for the future”,  explains Mr Michels. A precise timeplan, however, cannot be provided at this stage. As one of the first restructuring measures, Michels had to lay off 24 employers in Lingen. This step became necessary, as Lingen is operating in three shifts, compared to the previous four shift system. Prior to this, Michels had negotiated a redundancy scheme as well as settlement of interests with the works council and the union. 



Hagedorn on course for stability

30. Mai 2012

·         Positive first discussions with suppliers, service partners and distributors

·         Temporary board of creditors approves preferred credit

·         Employees are highly motivated,  operational business is stable

Osnabrück, 30th May 2012. One week after filing for insolvency, plastics company Hagedorn and its affiliated insolvent companies are beginning to show stabilizing of its business operations. Initial talks with major suppliers and providers showed a constructive co-operation with all parties concerned.

Furthermore, the application of a preferred credit was approved by the temporary board of creditors.  The principal bank has now received the aforementioned application from the Hagedorn AG and Hagedorn NC. The required financial planning has already been produced and is currently being verified by the bank.

The reorganization is now being carried out without the originally ordered self-administration.  This was agreed by the management and the temporary board of creditors. The insolvency court approved the application on 29th May 2012. The currently appointed preliminary insolvency administrator, Stephan Michels, is quoted:  “The Hagedorn Management has got plenty of know-how in their field of expertise. The solution at hand enables us to constructively apply our reconstruction knowledge and accompany the procedures efficiently.”

The stabilizing of the business operations is due to the employees of the business to a high degree.   “I have met a highly motivated team, which is keen to dedicate its commitments to the preservation of Hagedorn,”observes Mr  Michels. “I am confident to find a good solution for Hagedorn with this team.”


Hagedorn AG files for insolvency proceedings

Osnabrück, 23. May 2012

Yesterday, M/s HAGEDORN AG as well as its affiliated companies Hagedorn-NC GmbH, Hagedorn-Plastic GmbH, Hagedorn-Wohnungsgesellschaft mbH and Unterstützungsverein Hagedorn Aktiengesellschaft e.V. applied for the opening of insolvency proceedings. There is a total of about 134 of the about 250 employees of the company group affected. In comparison to this, there was not filed any insolvency petition for HAGEDORN Plastirol Deutschland GmbH or its foreign companies. For all insolvent companies Mr Stephan Michels, lawyer specialesed in insolvencies, from Bad Iburg has been appointed as preliminary trustee. Together with the Board, the trustee effected a staff meeting and presently, is gaining an overview as to the financial circumstances and recapitalisation prospects.

Background of the insolvency petition are failed negotiations of the prolongation of existing credit lines. An alternative follow-up financing could not be realized in due time. However, the operational business activities are steady and therefore offer a solid base for the pending assessment of the continuance of the business. „We have an excellent staff structure and know our business. Therefore, I am convinced that the Hagedorn Group as a whole will continue in the future“, said the companys Board, Dirk Brauch.

Business activities at all companies of the Hagedorn Group are continuing as normal. All creditors of the insolvent companies will be informed shortly by the Board and the preliminary trustee. „I am confident of finding a positive solution with all concerned parties in order to be able to give new prospects to the company and its staff“, said Michels in a first statement.


Hagedorn GmbH übernimmt SNPE Italia S.p.A., Rescaldina (Italy)


The former Bergerac NC subsidiary SNPE Italia S.p.A., Rescaldina (Milano), will become part of the NC distribution network of the German Hagedorn Group, Osnabrueck.

Press release from Hagedorn