Aurelius's Zim Flugsitz in self administration

Martin Mucha of law firm Grub Brugger has been appointed as provisional insolvency administrator by the district court of Konstanz to manage the debtor in possession proceedings.

Jochen Glück and Maximilian Pluta of Pluta Rechtsanwälte are advising the company's management.

In a statement, the company cited a persistent and considerable decline in sales since the beginning of the coronavirus pandemic.

Aurelius acquired a majority stake in Zim Flugsitz in December 2019, with founders Peter and Angelika Zimmermann retaining a minority stake. Aurelius planned to invest in optimising the company's financing structure, improving its operations and broadening its product portfolio, according to a statement issued at the time.

According to the latest statement, Aurelius intends to support the company through the proceedings and intends to make financial contributions during the restructuring process.

Zim Flugsitz is headquartered in Markdorft, with an additional production facility in Schwerin. The company reported 2018 revenues of €55m and has 210 employees, whose salaries will be guaranteed under the self-administration proceedings. Zim Flugsitz reported 2017 EBITDA of €2.94m, according to publicly available documents.

Aurelius had not responded to a request for comment at the time of publication.

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