sonoVTS intends to press ahead with restructuring in the insolvency proceedings

sonoVTS intends to press ahead with restructuring in the insolvency proceedings posted: 23/12/2018

Business operations continue at full capacity and without interruption - positive signals from customers - first talks with potential investors

sonoVTS GmbH, an international specialist in transmission.technology and the equipment of broadcasting studios for major events, intends to press ahead with the ongoing restructuring process in insolvency proceedings. We have applied to initiate insolvencyproceedings in order to restructure our company quickly and to restore it to a solid financial basistogether with new investors, says CEO and co partner Franz Olbert, explaining the step taken.

Stefan Waldherr appointed as provisional insolvency administrator

The competent district court of Landshut then appointed Stefan Waldherr, a lawyer from the nationally

renowned law firm of JAFF Rechtsanw lte Insolvenzverwalter, as the provisional insolvency

administrator. Together with the Board of Management, I have already held initial discussions with

the key customers of sonoVTS and I have received positive signals on their part with regard to the

ongoing projects. We have also already held initial discussions with potential investors, so we are

currently very confident about the future prospects, said Stefan Waldherr in an initial assessment

Nothing will change for our customers with regard to cooperation as a result of the insolvency

proceedings, nor will the contacts in the company be affected. Business operations will continue at full

capacity and without interruption; all orders will be processed as agreed, stresses Stefan Kr mer.

sonoVTS ensures TV transmission at FIFA World Cups

sonoVTS is an internationally sought after partner in the broadcasting of major sporting or political

events. The medium sized company based in Eching / district of Freising is a manufacturer of

broadcasting vehicles, transmission and production facilities and also provides the transmission

technology on a rental basis. sonoVTS has a USP in its HDQLine Broadcast Displays . They meet all the

requirements of the technologies available on the market, especially HDR preview and IP. Customers

include radio and TV broadcasters and production companies from around the world, as well as

organisations such as FIFA. The reference projects of sonoVTS include the FIFA World Cups in 2014 and

2018, as well as the Winter Olympics in Sochi (Russia) in 2014 and the Olympics in Rio de Janeiro (Brazil)

in 2016.

MCR Moscow for the FIFA World Cup 2018

sonoVTS 2013 was created by the merger of two previously independent companies. Consequently,

the individual parts of the business has to be more closely concentrated and production and marketing

also had to put on a uniform basis. The latest element of these measures was the amalgamation of the

two former headquarters in Feldkirchen (near Munich) and Eglhausen (Landkreis Freising) at the new

headquarters in Eching. The move was only completed in December. The funds for the implementation

of the further restructuring were not available at that time and the discussions with a new investor

could no longer be concluded in time, so the Board of Management has now applied to initiate

insolvency proceedings. Most recently the company achieved an annual turnover amounting to EUR

28 million.

The some 100 employees of the company were informed of the current situation today at a general

meeting in Eching. They received their regular wage and salary payments for November and further

payments are guaranteed until the end of February through their entitlement to insolvency benefits.

We have already applied for pre financing of the insolvency benefits from the Federal Employment

Agency, so the employees will get their money for December in the next few days, said the provisional

insolvency administrator.

We are currently working together on stabilising business relationships with customers, suppliers and

all other parties with a significant involvement. At the same time, we intend to continue the already

intensive ongoing discussions with potential investors and to bring them to a successful conclusion as

soon as possible, announced CEO Franz Olbert.

Further information

Stefan Waldherr is a specialist insolvency lawyer. He has worked as an insolvency administrator since

1992, heading the offices of JAFF Rechtsanw lte Insolvenzverwalter in Nuremberg and Landshut. He

is regularly appointed as an insolvency administrator or trustee by a large number of insolvency

courts throughout Bavaria. Recently he was significantly involved as a trustee in the successful

financial recovery of Meiller GHP, the market leader in individualised customer communication and

dialogue marketing in Europe. JAFF Rechtsanw lte Insolvenzverwalter has been one of Germany's

leading law firms in the areas of insolvency administration, insolvency law and procedural law, in

particular in complex and cross border procedures, for more than two decades.

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