Restructuring of the Weltbild branches proceeding

The restructuring of the branches of the publishing group Weltbild is proceeding satisfactorily. On 9 July 2014, the creditors of Weltbild Plus Medienvertriebs GmbH & Co. KG (Weltbild Plus) accepted the insolvency plan unanimously. The plan was prepared jointly by the Weltbild Plus managing directors, administrator Christian Plail (Schneider Geiwitz & Partner), Roland Berger Strategy Consultants GmbH and the Noerr Group.

The unanimous vote of the creditors on the insolvency plan is a good basis for proceeding successfully with the restructuring of the branches. Weltbild Plus comes additionally strengthened out of insolvency.

Weltbild Plus was significantly affected by the insolvency of its main supplier, the publishing group Weltbild GbmH (VGW). The claims of VGW for supplies and services amount to approximately 36 million Euro. With 1,400 employees, Weltbild Plus most recently achieved annual turnover of 135 million Euro.

On 10 January this year, VGW applied for the opening of insolvency proceedings over its own assets. In the following period, the joint venture between the Hugendubel group and VGW – DBH KG – was dissolved. As a subsidiary of DBH, Weltbild Plus operated the branch business of VGW. After dissolution of the joint venture, VGW became sole shareholder in Weltbild Plus through an intermediate company.

In consultation with the insolvency administrator of VGW, on 21 February 2014 application was made for the opening of protective proceedings according to Section 270b Insolvency Act for Weltbild Plus associated with the application for self-administration. The certificate according to Section 270b Insolvency Act was issued by Roland Berger. After the opening of the protective proceedings, Christian Plail of Schneider Geiwitz was named as administrator. Thereafter, Christian Plail, Roland Berger and Noerr together with the Weltbild Plus managing directors prepared the insolvency plan. On 28 April, the insolvency proceedings were ultimately opened in self-administration.

Both in advance and parallel to preparation of the insolvency plan, the Noerr team advised the managing directors comprehensively on the continuation of the operative business in crisis, on the avoidance of liability and the necessary restructuring measures.

Advisor Weltbild Plus Medienvertriebs GmbH & Co. KG:

Schneider Geiwitz & Partner:

Rechtsanwalt Christian Plail (administrator), Rechtsanwalt Matthias Räupke

Roland Berger Strategy Consultants GmbH:

Dr. Christian Fischer, Jan Quadflieg

Noerr Group:

Noerr LLP: Dr. Christoph Schotte (leading), Benedikt Neumaier (both insolvency law, Munich)

Noerr Consulting AG: Andreas Sand, Christian Witter