The management of Soex has filed an application to open insolvency proceedings under self-administration. The company specializes in textile recycling and circular economy. The court followed the application and appointed lawyer Dr. Matthias Wolgast from Münzel & Böhm Partnershipsgesellschaft mbB as provisional administrator. Oliver Dankert and Harald Ick from the Görg law firm then expand the management team as Chief Insolvency Officer (CIO). Business operations will continue without restrictions. Wages and salaries are guaranteed up to and including November 2024.
The application was made because traditional markets in Eastern Europe had collapsed, while competitors from Asia were putting the markets under pressure with their overcapacity. This led to extraordinary short-term losses in earnings and liquidity. Oliver Dankert explains how the company is to be restructured: “The workforce is informed that we want to push forward Soex’s future concept with a new investor. We are currently setting up an orderly M&A purchase process.” Soex managing director Fred Ponath adds: “With our future concept, we are well prepared for upcoming legal developments, such as the planned extended manufacturer responsibility in the EU or the introduction of separate textile collections from 2025. They offer Soex an opportunity for further growth in the area of sustainable textile recycling.”
In the past financial years, the group of companies with almost 460 employees in Germany and a subsidiary in the United Arab Emirates reported annual sales of around 60 million euros. Soex Processing Middle East is not affected by the self-administration procedure. No bankruptcy petition has been filed for them.
