Sunday, June 30, 2019
The most important investor turns Loewe's money to a television producer. A long-standing company must stop working. Under pressure, the search for new donors begins. The unionists feel the deadly strategy behind the work of a financial investor.
The future of Loewe's insolvent television producer will now be a quick decision. "We assume we will need four months for the investor process," bankruptcy trustee Rüdiger Weiß said. "We will do everything to find someone." The first talks with investors should already be.
On Monday, a traditional company from Upper Franconia must stop working. Most of the more than 400 employees are free. The Coburg District Court ordered the white manager of a temporary bankruptcy.
If the company does not have the money to pay its employees, the bankruptcy law stipulates that bankruptcy managers and employee representatives agree to harmonize the interests and the social plan. A lawyer in Bayreuth expects these talks to be completed by mid-July. The termination must not be terminated until an agreement is reached. "If no investor is found, employment contracts could be held no later than October 31," White said.
For Loewe, this is the second crisis threatening to exist in a few years. "Loewe has been in business for years," said Weiss. "Everyone in the company agrees that the compensation structure is not appropriate, but to cover the costs of employment, annual turnover of EUR 150 million is required, for black zero we need EUR 180 million in revenue.
Trade Union: Loewe Blood Investor
Bavarian leader IG Metall Johann Horn accuses British investment company Riverrock for a bad game with Loewe. According to IG Metalla, Riverrock has in the past kept Loewe with double the number of credits, but has now refused to renew the loan. The former administration has therefore promised that the company Riverrock will have the name of the Loewe brand.
IG Metall cites a negative example of the reconstruction of Riverrock on the kitchens Alano cuisine Baden-Württemberg, which was also temporarily closed by the end of 2017, before the company continued to work, according to the union with 15 percent reduced salaries.
The IG Metall District Manager blames Riverrock for wanting to act in a similar way in Loewe: Temporarily putting it out of operation to drastically reduce wages and worse working conditions. "There are some indications that a financial investor, Riverrock, is waiting until Loewe is finally exhausted with blood, so he will earn money from the company's ruins," Horn criticized on Monday.
The temporary bankruptcy trustee rejects these claims: "I can not understand the criticism of IG Metalla," Weiß said. "The Workers 'Council is represented at the Preliminary Committee of the Creditor and has come to the table, and all possible models of reconstruction have been agreed with the workers' council in the presence of IG Metalla. employment for all employees by another 3.4 million euros. "They were negotiating in close cooperation with the workers' council and IG Metall.
The end of the negotiations was a common decision
According to Weiss, Postbank played a key role: "Riverrock was the last possible investor who said he would be ready to finance the employment and qualification company, while providing continuous factoring and financing of Postbank's day-to-day business." Factoring means that the supplier – in this Loewe case – transfers its customers' claims to a financial institution. The factor, in other words Postbank, pays accounts to the supplier on behalf of the company and summarizes the remaining claims.
"Unfortunately, the factor has so far been incapable of making a positive decision about what the workers' council is being informed," Weiss said. "It was the common decision at that time not to continue negotiations after July 1, 2019, because of the low chance of success, because then employees would lose their salary in April or be forced to self-cessation." In that sense development was not a surprise. "