M&A in Germany: Distressed Companies and German Insolvency Laws

GlobalAutoIndustry.com’s latest Audio Interview “M&A in Germany: Distressed Companies and German Insolvency Laws” features Phil Hertzog. Phil is Managing Director of Germany-based Restructuring Alliance GmbH. Phil has a background of over 40 years as a manufacturing systems innovator and supplier to the automotive industry. Restructuring Alliance focuses on acquisition and reorganization of distressed German and European automotive suppliers and other firms in manufacturing through consulting with buyers, Joint Ventures and acquisition participation through their Limited Partnership Investment Fund. Phil maintains a legal residence in Germany and the USA. (see complete BIO below)

Audio Interview Guest:
Mr. Phil Hertzog
Managing Director
Restructuring Alliance GmbH
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In the 16-minute Audio Interview, Mr. Hertzog discusses these questions:

• You are offering your clients the opportunity of significant value creation through investment in distressed companies in Germany. Value creation and distressed companies are not usually associated with one another, so please explain how you are achieving that.
• You are acquiring a company that you can configure yourself to your liking and buy it at a significant lowered purchase price, but is that company still functioning then since it is in distress?
• All the measures you describe appear to be very effective in stabilizing a company in a distressed situation, but how does that lead to a sale of the company?
• You have established that distressed companies in Germany remain operationally functioning, their assets can be acquired at discounts and that their employees can be re-hired. How does all of that constitute the opportunity for value creation?
• Can you provide an example?

About Phil Hertzog:
Managing Director, Restructuring Alliance GmbH

Phil has a background of over 40 years as a manufacturing systems innovator and supplier to the automotive industry in North America, Europe and Asia. He maintains a legal residence in Germany and the USA.

Phil is a graduate of Arizona State University with his education in Mechanical Engineering and Business Administration.

After some years in process engineering and sales, Phil started his own business in Special Machine Design & Building for the automotive industry. In 1983 he established a relationship with the German firm of Chiron Werke.

Phil sold his company to a group organized by Chiron in 1990 after having acquired two industry related firms. Chiron established Chiron America in 1991.

Phil worked with Chiron as a consultant and Global Automotive Systems CEO in North America, Europe and Asia and sold his Asia Pacific Business to Chiron in 2003.

Phil participated in various automotive parts manufacturing Joint Venture operations in North America, Asia and Europe over the next decade which resulted in the acquisition of various distressed German automotive suppliers beginning in 2016 and the formation of Restructuring Alliance GmbH in 2019.

Restructuring Alliance focuses on acquisition and reorganization of distressed German and European automotive suppliers and other firms in manufacturing through consulting with buyers, Joint Ventures and acquisition participation through their Limited Partnership Investment Fund.

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