R+S Dienstleistungen: Justus von Buchwaldt completes German R+S Group insolvency and investor process and saves over 2,500 jobs
In April 2019, the District Court of Hannover ordered the provisional insolvency administration of the assets of the service group for the traditional service provider R+S Dienstleistungen with 12 locations throughout Germany. BBL lawyer Justus von Buchwaldt was appointed as provisional insolvency administrator for the main companies and the procedure began in June 2019. Von Buchwaldt and fellow BBL lawyer Sandra Weimann, along with the managing director of R+S’s, successfully prolonged business operations for nearly two years during the Corona pandemic.
In order to secure jobs and business operations in the long term, the group of companies had to be sold as part of an M&A process. The restructuring – pushed through with the consent of the creditors – was successful, with four coordinated insolvency plans and a termination of proceedings in accordance with § 214 InsO.
In November 2020, the operating companies and R+S’s real estate were taken over by the Thelen Group based in Essen. As a result, the insolvency proceedings were discontinued in July 2021. Over 2,500 employees – almost the entire workforce – were taken on by the new owners.