Aircraft manufacturer XtremeAir sold to multinational aviation group via insolvency plan procedure
Munich, 11 August 2015. In the insolvency proceedings of airplane and helicopter manufacturers Helipark GmbH and XtremeAir GmbH law firms Müller-Heydenreich Bierbach & Kollegen and Schwarz + Rühmland have achieved a major success. The shares of XtremeAir GmbH have been transferred to RotorSchmiede GmbH through an insolvency plan procedure. The location at airport Cochstedt in Hecklingen and all jobs can be retained.
XtremeAir GmbH designs, develops and manufactures carbon-made aerobatic and sport airplanes of type XA 41 and XA 42 and is the market leader in this field. As one of only two producers of certified aerobatic aircrafts in unlimited competition worldwide, XtremeAir is renowned globally and its aircrafts are used by some of the world’s leading aerobatic teams. Through EASA and FAA type certificates, recognised in China and South Africa as well, more and more pilots around the world are enthusiastic about the most modern and secure „unlimited aerobatic“ aircraft in the world.
Since December 2014, Helipark and XtremeAir were in an acute liquidity crisis due to unfulfilled loan obligations. On 6 February 2015, Helipark GmbH had to file for insolvency at the district court Meiningen due to inability to meet payment obligations. Attorney-at-law Axel W. Bierbach from Munich-based law firm Müller-Heydenreich Bierbach & Kollegen has been appointed as (preliminary) insolvency administrator. The same day XtremeAir GmbH filed for insolvency at the district court Magdeburg and attorney-at-law Karina Schwarz from law firm Schwarz + Rühmland, Magdeburg, has been appointed as (preliminary) insolvency administrator. On 16 March 2015 insolvency proceedings of both companies have been opened and the respective insolvency administrators have been confirmed.
Despite the difficult situation, the insolvency administrators succeeded in stabilizing business operations as foundation of an international sales process. Today, both administrators together announce a major success: RotorSchmiede GmbH acquires 100 percent of the shares of XtremeAir GmbH as part of an insolvency plan.
Headquartered in Munich, RotorSchmiede GmbH is the German part of the multinational aviation group DEA General Aviation and develops and manufactures coaxial helicopters. The certified design and production organization (DOA / POA) of XtremeAir remains on site at Magdeburg-Cochstedt airport and all roughly 50 jobs will be preserved. In addition to 100 percent satisfaction of XtremeAir GmbH bankruptcy-creditors, a considerable surplus of the purchase price will be transferred to the parent company Helipark GmbH. Overall, the team headed by the insolvency administrators was able to free XtremeAir of its debt-burden and to provide a solid basis for the company to reach new heights.
„We are very pleased to have found an exceptionally good solution for XtremeAir GmbH within very limited time. This solution not only allows complete satisfaction of XtremeAir GmbH creditors, but also the holders of the parent company Helipark GmbH to benefit significantly from this sale. With the restructuring via insolvency plan, XtremeAir GmbH – a company with huge potential – now has good future prospects as well.“
– Axel W. Bierbach, insolvency administrator Helipark GmbH
„Thanks to good cooperation with the Federal Employment Agency and private investors, we could provide liquidity required for the M&A process. 100 percent creditors‘ claims satisfied in only six months and dividends payed to the shareholder are a sensational result.”
– Karina Schwarz, insolvency administrator XtremeAir GmbH
„We are proud to integrate such an emotionally appealing and technically outstanding product as XtremeAir into our group. The sale of numerous aircrafts even during the past turbulent months have shown that quality will prevail and that solid demand for the XA41 and XA42 subsists. With economic stability now restored, we will carry on with continuously developing XtremeAir and utilize group synergies.“
– Stefan Hasper, managing director of RotorSchmiede GmbH and future managing director of XtremeAir GmbH
ACXIT Recovery Management has been mandated as exclusive M&A advisor by both insolvency administrators.
About Schwarz + Rühmland insolvency administrators
Law firm Schwarz + Rühmland insolvency administrators is a partner of medium-sized enterprises in Lower Saxony and Saxony-Anhalt. With five locations in Braunschweig, Hannover, Hildesheim, Magdeburg and Wietze, the firm has been serving its clients for numerous years as an experienced partner for bankruptcy law, commercial, contract and corporate law, tax law and labour law. The firm has been working for 17 years in insolvency administration at nine bankruptcy courts and more than 50 companies have been restructured through insolvency plan procedures. (www.insolvenzverwaltungen.de)
About Müller-Heydenreich Bierbach & Kollegen
Law firm Müller-Heydenreich Bierbach & Kollegen has been specialized in insolvency administration for many years and has attorneys-at-law in Munich, Hallbergmoos, Nuremberg and Augsburg. Five court-appointed insolvency administrators are working on insolvency proceedings at several local courts in Bavaria and Thuringia. Particular strengths of the firm are asset deals (Übertragende Sanierung), insolvency plans, self-administrations as well as group insolvencies. (www.mhbk.de/en/)
About ACXIT Recovery Management
ACXIT Recovery Management as part of ACXIT Capital Partners, is an independent consultancy firm exclusively dedicated to distressed mergers & acquisitions. ACXIT Recovery delivers tailored solutions and transactions for small and medium sized companies as well as for insolvency administrators. The managing partners of ACXIT Recovery were in charge of more than 80 successful transactions in restructuring and insolvency situations over the last eight years.
ACXIT Capital Partners is a leading international corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and abroad. Since 1998 we offer our clients comprehensive corporate finance advisory services including M&A, capital markets as well as restructuring and strategic advisory. As an independent, privately owned firm we maintain offices in Frankfurt, Berlin, Munich, Zurich, Vienna, Hong Kong as well as strong alliances in China, India and USA. (www.acxit.com)
ACXIT Recovery Management GmbH
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Christian Nicolas Bächstädt, Managing Partner
Christian Nicolas Bächstädt, Managing Partner
Dr. Daniel Kiechle, Senior Associate