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New Chance for the Instrument Manufacturer Schreiber & Keilwerth

United States
Traditional company seeks to restructure via administration Production and service delivery continue Tobias Hoefer is appointed as Administrator

Nauheim, 15th March 2010. The world renowned instrument manufacturer Schreiber & Keilwerth Musikinstrumente GmbH from Nauheim, Hessen is seeking a new beginning. The traditional company with more than 80 years experience in the area of wind instruments is in administration and is seeking to relaunch itself via this process. Company Director Dr. Armin Eckert registered the company as insolvent on 12th of March at the Regional Court in Darmstadt. As a result the experienced administrator Tobias Hoefer from the Mannheim Chamber Hack Hoefer has, for the time being taken over the Company. Eckert and Hoefer made the following statement today, „Production and service delivery will continue. After initial analysis we see good prospects for stable continuity and have already started to look for new investors.”

The Company Directors cited the following reasons for placing the Company into Administration, the impact of the financial crisis, specifically narrow opportunities to bring credit funds to support the Company through this period. Dr. Armin Eckert explained, “the credit supply to our company was via a bank who through the financial crisis can be described as a ‘bad bank’, this caused us many problems over the past few months. The characteristics of a bad bank include that the bank seeks to minimize its own risks. As a consequence over recent months the bank sought to reduce our cash supply and as a result no sensible working environment could exist within our company. The seasonal weak months of January and February coupled with limited cash supply led the Directors of the company to place Schreiber and Keilwerth into administration.”

The Court appointed Administrator Thomas Hoefer, is now at the company in Nauheim, and is initially stabilizing the business and seeking to achieve solutions for the future. Hoefer was upbeat in his initial analysis that a long term future for the traditional instrument maker can be secured and that as many as possible from the ca. 300 jobs in the sites Nauheim and Markneukirchen can be saved.

New Instruments on Show at the Frankfurt Music Fair

„I see a good chance that after successful restructuring the company will be well placed for the future. The order book is full so that we can produce and sell Schreiber & Keilwerth instruments over the coming months. As far as customers are concerned, there will be few in the way of changes. Every order can be entered and counts towards saving the company,” stated Mr. Hoefer.

Company Director Dr. Armin Eckert is also certain the company will continue: “We have a modern production plant, strong brand and motivated teams that believe in the company. At high level, the German Insolvency Law supports complete restructuring to prevent any crisis and enables a new start.”

At the Frankfurt Music Fair and other music branch events Schreiber & Keilwerth will continue to fly the flag. At the coming Frankfurt Music Fair the company will present an attractive product display over 120 square metres floorspace. “We’re excited once again this year to have the chance to present new and interesting products”, commented Sales and Marketing Director Markus Sailer. “The highlight for us is the new soprano saxophone that we’ve developed in conjunction with the saxophone legend David Liebmann. We’re also launching a new professional saxophone called ‘Edition ToneKing’ at a very competitive price point. Together with these saxophones we’ll be presenting the new ́S.K.Y. concert by W. Schreiber ́ bassoon plus the ‘Virtuoso’ German clarinet from W. Schreiber and the new York Prescience trombone.”
Schreiber & Keilwerth Musikinstrumente GmbH

For more than 80 years Schreiber & Keilwerth has produced top quality instruments for the world market. In one of the most modern production plants in Markneukirchen, 50.000 instruments are built and shipped yearly. The high quality instruments are equally valued by beginners and professionals. Traditional methods, modern technologies and skilled, motivated employees lead to this top quality underlining the philosophy of the brand “Made in Germany”.

Tobias Hoefer is a lawyer who has specialized in Insolvency Law with companies who trade internationally. The chambers of Hack Hoefer comprises 8 offices throughout Germany and has over 90 employees and lawyers. Some of the better known cases from Hack Hoefer include international companies such as AKsys (car parts supplier), ATS (car wheel manufacturer), and companies from the former Meffert and Odenwälder CORONET Group together with diverse firms from the jewelry industry.
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