Calyxo, the insolvent producer of solar modules has regained its future: With the opening of insolvency proceedings on July 1, 2018 by the district court of Dessau-Roßlau, insolvency administrator Professor Lucas F. Flöther was able to sell the entire business operations to the German “TS Group GmbH". The investor takes over the complete workforce and intends to resume production immediately.
“By selling the company, we have managed to secure Calyxo’s future here at the Bitterfeld-Wolfen site and to provide the employees with a perspective,” insolvency administrator Professor Lucas F. Flöther stressed. “In the TS Group we have found an investor who has recognized the potential of Calyxo and is prepared to lead the former German market leader back to the top again.” The TS Group is taking over the entire business operations and all patents (transferred restructuring). All of the jobs will be maintained. The purchase agreement was signed yesterday and the committee of creditors has already approved the sale. The parties have agreed not to disclose the purchase price. Business operations were transferred as per July 1st.
The Aachen-based TS Group produces special machines, test centers for car tires, cardan test stands and industrial furnaces. The new owner transfers business operations of Calyxo to the new company “TS Solar GmbH”. Starting immediately, the new company will further develop, produce and distribute solar modules of the Calyxo brand. The goal of TS Group is to build on Calyxo GmbH's previous research success in order to return to profitability as quickly as possible. To this end, multi-million investments are planned for the site in the further course of the year.
The leading German producer of solar modules attracted great interest: In addition to the TS Group, a Chinese, a Lebanese and a US-American company had also made offers to buy the company. The international bidders have already indicated that they are interested in cooperating with the new owner. Flöther had commissioned the renowned management consultancy "Restructuring Partner jwt GmbH & Co. KG" with the facilitation of the investor process.
“The takeover has now laid the foundation for a successful new start,” Flöther summarizes and also emphasized in this connection the positive collaboration with the committee of creditors and the city of Bitterfeld-Wolfen during the proceedings. Calyxo GmbH is a fundamentally healthy company with a competent team and capable management. “The employees have proven their commitment and perseverance over the past weeks. They are highly motivated to continue at full strength.” The current Managing Director of Calyxo GmbH, Dr.-Ing. Michael Bauer, will remain in office under the new owner: “I am relieved that with the TS Group we have found an investor who knows and understands the industry; this will allow us to further extend our lead in research and development,” Bauer adds.
Because of the loss of a major order, Calyxo GmbH had run into financial difficulties and was forced to file for insolvency at the beginning of April. With the opening of the proceedings, insolvency administrator Flöther is now responsible for the liquidation of the insolvency assets. The needs of the creditors are met, among other things, based on the purchase price payment. In a transferred restructuring, the healthy business operations are transferred to the new legal entity, while the insolvent old company is liquidated by the insolvency administrator.
TS Group GmbH | http://www.ts-group.org