Halle – The ailing German fashion manufacturer Gerry Weber receives from British investors a cash injection of up to 49.2 million euros. According to the company, the company has agreed to a restructuring plan with funds managed by Robus Capital Management and Whitebox Advisors.
Gerry Weber International AG announced that the funds had entered into a binding investment agreement under an insolvency plan late Monday evening in hall with. This was done with the approval of the Creditors' Committee and the administrator Stefan Meyer.
"Various financial instruments for recovery"
The bankruptcy plan stipulates that Robus and Whitebox will contribute up to 49.2 million euros for the sustainable financial restructuring of Gerry Weber International "provide". The creditors are to waive part of their claims and could then choose between a cash settlement and "various financial instruments to recover the value". The already begun restructuring concept of Gerry Weber would be further implemented.
In January Gerry Weber International had filed for insolvency proceedings in self-administration – with the declared goal of restructuring the company. The reorganization concept envisages, inter alia, the closure of 146 stores and retail space and the reduction of 330 full-time jobs in Germany. One week ago, Robus took over the majority stake in the Gerry Weber subsidiary Hallhuber. (APA, dpa)