NUKEM Technologies Engineering Services GmbH (NUKEM) has filed for insolvency under self-administration and is undergoing debtor-in-possession restructuring. Despite this measure, business will continue as normal.
"Our primary goal is to secure the company’s future with a new business partner or buyer. We want to offer our employees long-term prospects and continue to be a reliable partner for our customers and suppliers," said Thomas Seipolt, Managing Director of NUKEM. "We are confident that a change of ownership will be successful, as the burden of a Russian parent company has now been removed."
NUKEM has been under creditor protection since 2 April 2024, after the Local Court of Aschaffenburg approved the company’s application for provisional insolvency in self-administration. The company management is being supported by lawyer Christian Feketija based in Frankfurt.
The challenges the company is facing are attributable to the deteriorating business environment due to the ownership structure following the outbreak of war in Ukraine in February 2022 and the recent unexpected failure of the M&A process. Despite considerable interest from the market, the envisaged sale could not be successfully finalized. This was mainly due to legal uncertainties related to the Russian ownership and the permissibility of such an acquisition.
The decision in favour of self-administered insolvency proceedings is the best possible option to save the company in this difficult situation. Negotiations have already been resumed with some of the interested parties who withdrew from the acquisition process at an earlier stage due to legal issues related to the Russian ownership.
"These parties are still interested. They already have an insight into the company and its potential," says Thomas Seipolt.
Insolvency and restructuring expert Christian Feketija explains: "By granting provisional self-administration, the court has made it clear that it shares our view of a successful restructuring of the company. The insolvency proceedings free us from the Russian ownership structure and open up new opportunities for an interested party to participate as an investor without concerns about possible legal implications."
NUKEM Technologies in Karlstein am Main, Germany, is world-wide active in the areas of management of radioactive waste and spent fuel, decommissioning of nuclear facilities, engineering and consulting. For more than 60 years NUKEM Technologies provides high quality products, technologies and services, where Innovation, Solutions and Excellence are closely linked.
Contact:
Yvonne Amend
NUKEM Technologies Engineering Services GmbH
Zeche Gustav 6, 63791 Karlstein am Main
E-mail:
www.nukemtechnologies.de
