Merseburg, May 30, 2024. APK AG, an innovative recycling company for complex plastic waste based in Merseburg, has filed an application with the responsible district court in Halle to initiate restructuring proceedings under self-administration. The court approved the application on May 29, 2024, and ordered provisional self-administration.
Due to different interests of the existing investors regarding the future development of APK AG and the further development and expansion of its in-house Newcycling® technology, no agreement could be reached on important financing steps for an extended period. The economic situation of APK AG gradually deteriorated in this period and the intended expansion plans could not be implemented.
Against this background, the Management Board of APK AG decided to take the step towards self-administration. In view of the impending, but not yet actual, insolvency, the time has now come to advance APK AG’s situation and plans under insolvency lawThe goal of keeping APK AG in Merseburg, as well as building additional large-scale plants for the Newcycling® of post-consumer packaging waste, remains a priority.
In the self-administration procedure, the Management Board (the Board) of APK AG remains authorized to act and issue instructions. During the upcoming transformation process towards new investors, the Board will be supported by the experienced restructuring team of lawyers Dr. Georg Bernsau and Nadja Raiß from the international business law firm K&L Gates. This is done to do justice to the complexity and legal challenges of the self-administration procedure. “In the coming weeks, we will start talks with all key stakeholders and interested investors together with the Board and, on this basis, use all options for the continuation of APK AG and Newcycling® in Merseburg,” explains Dr. Georg Bernsau, who was appointed general representative and member of the management of APK AG.
To support the management during the self-administration process and to protect the interests of the creditors, the Halle district court has appointed the experienced restructuring lawyer Prof. Dr. Lucas F. Flöther from the law firm Flöther & Wissing as provisional monitor.
Business operations in Merseburg will be maintained without restrictions even during the self-administration process. The employees of APK AG in Merseburg were informed about the situation and the next steps on May 27th. The Federal Employment Agency will pay their wages and salaries for three months.
The Board and the restructuring team are confident that APK AG’s innovative technology will be crucial for the successful and swift completion of the restructuring process, enabling the company to resume its expansion and growth trajectory with new investors.
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Kristy-Barbara Lange
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