German GARDEUR – Debtor-in-possession credit secures operative business

“The money has been paid!” was the message on the hallways of the Germany-based trousers specialist GARDEUR October 16, 2017 evening. The team talked about a seven-digit debtor-in-possession credit which allows the company to continue its operative business. GARDEUR will immediately deliver NOS and all-year NOS to its clients.

“Thanks to our own production plants we are now able to drive up production capacities fast and deliver quickly”, says Gerhard Kränzle, CEO of GARDEUR. „Within the next days we will be able to state exactly which articles can be delivered at what time.”

Right after filing for insolvency the temporary insolvency administrator Biner Bähr (White & Case) had applied for a debtor-in-possession credit that was supposed to secure the employees‘ salaries September to November. After the credit was granted, the September salaries have been paid completely to the employees.

In order to secure long-term liquidity Biner Bähr plans on having found an investor until the end of November. On October 5th, the day of the insolvency filing, he already initiated first steps for the search. The international call for proposals has been published, the application phase is currently starting. “Closing the liquidity gap and therefore setting up GARDEUR strong for the future will only be possible if the purchasing price is accompanied by an initial financing”, says Gerhard Kränzle. “It is decisive that the investor keeps the product and employee culture of the company because they are crucial for the company’s success. There is a lot of product know-how, innovation potential and identification in the deep roots.”

GARDEUR Group filed for bankruptcy protection on October 5 for four limited companies: GARDEUR GmbH, GARDEUR Service GmbH, GARDEUR Beteiligungs GmbH and CDS Club Du Sport Bekleidung GmbH.

The Mönchengladbach-based trouser specialist GARDEUR GmbH manufactures high-quality women’s and men’s trousers. At the only trouser atelier in the sector all steps of trouser development – from Design through to the finished pair of trousers – are kept in house and are pooled at the company headquarters in Mönchengladbach: an in-house team of expert designers, specialised prototype development, an own sample-making department workshop as well as a fully matured quality assurance system guarantee the perfect fit. Atelier GARDEUR makes no compromises in terms of quality and sustainability in the selection of materials. The trouser specialist can reliably manage and seamlessly control all stages of production thanks to own production sites. Perfection the way that employees live and deliver it day after day requires experience and well-founded knowledge. The Group’s portfolio includes the brands Atelier GARDEUR and the brand Thomas Rath Trousers.