Munich, 12 February 2019. Due to the insolvency of Bayerische Energieversorgungsgesellschaft (BEV), almost half a million customers lost their electricity provider overnight. Now, preliminary administrator Axel Bierbach of law firm MHBK has reached an agreement with eco-power provider Lichtblick.
BE
V customers can swap to the Hamburg based electricity provider at a special rate. In return Lichtblick pays an amount per customer to the insolvency estate in favour of the creditors. The M&A process has been initiated by Axel Bierbach immediately after the company filed for insolvency on 29th January 2019 and was completed within 10 days. In the course of the process, talks have been started with 47 electricity providers, of which four submitted an offer. On 8th February 2019, the preliminary creditors committee chose the best offer for both the customers and the insolvency estate.
The discount electricity provider BEV was attracting its customers with low prices and high bonus payments through relevant comparison portals in the Internet. Following the insolvency of the discount electricity provider, almost 250,000 of BEV’s customers (incl. former customers) are waiting for the payment of EUR 80 million. Bierbach assumes the reasons for the bankruptcy are cheap customer tariffs in combination with a simultaneous increase in electricity purchase prices and high bonus payment promises.
ACXIT Recovery Management was exclusively mandated by the custodian and completed the M&A process within 10 days.
About Müller-Heydenreich Bierbach & Kollegen:
The law firm Müller-Heydenreich Bierbach & Kollegen (www.mhbk.de) is specialized on insolvency administration for decades with attorneys-at-law in Munich and other locations in Bavaria. Six court-appointed insolvency administrators are working on insolvency proceedings at several local courts in Bavaria and Thuringia. Particular strengths of the law firm are transferring restructurings, insolvency plans, self-administration as well as group insolvencies.
About ACXIT Recovery Management:
ACXIT Recovery Management, a 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 have been in charge of more than 100 successful transactions in restructuring and insolvency situations over the last eight years. (recovery.acxit.com)
ACXIT Capital Partners is a leading independent corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and beyond. As an independent and privately owned firm, ACXIT maintains offices and representations in Frankfurt, Berlin, Munich, Leipzig, Zurich, Hong Kong and New York as well as strong alliances in France and India. (www.acxit.com)
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