• The restructuring agreement is completed
• The restructuring process will end in March of 2022
• Orders of over 400 million euros were acquired in 2019
Haldensleben, 1st of July 2019 – The situation at the automotive supplier IFA in Haldensleben has significantly improvement. After economic difficulties, partly due to the upheavals in the automotive industry, the group of companies has once again found a stable financial basis for restructuring and successful reorientation.
At the end of June, a restructuring agreement was concluded. "Since October 2018, we have had intensive discussions with our customers and financing partners. With the restructuring agreement that has been concluded, all the prerequisites for the required financing structure have been met, "says Arno Haselhorst, who has been Chief Restructuring Officer of IFA since January 2019."There is nothing stopping an operational reorientation."
The restructuring report certifies an objectively given restructuring capability to the IFA Group. Prerequisites for a consolidation are, in addition to the short-term coverage of capital requirements, a consistent implementation of planned financial programming and measures for restructuring. The restructuring process should be completed by 03/31/2022.
Financing of IFA is guaranteed by a restructuring loan from the participating banks and promissory note creditors as well as a new line of credit for fresh money. The claims of the main creditors are protected by a comprehensive collateral package. The former shareholder von Nathusius has transferred his company shares to SGP Schneider Geiwitz & Partner for fiduciary management.
Over the next two years, a much higher level of efficiency will be achieved at all IFA locations. "This is not an easy task," says Haselhorst. " We have to optimize our foreign locations to help them to become more efficient and work intensively on numerous structural issues in Haldensleben to return to our path of success" emphasizes Haselhorst. "Unlike usual restructuring processes, large-scale headcount reduction will not take place."
The first operational improvements have already been made in the first months of 2019. In addition, major automakers have clearly signaled their confidence in the solidity of the IFA. In the first half of the year, new orders with a total volume of more than 400 million euros were acquired. They also support the new structure with their own restructuring agreements.
"IFA has a healthy order situation, competitive products and a solid customer base," says Haselhorst. "These are good prerequisites for successfully mastering the reorganization and realignment together with the financing partners and customers."