Neckermann asks to be protected from his creditors: “We still have not received financial support from the authorities”
The Neckermann company asks to be protected from its creditors. “Neckermann is asking the Nivelles court today to launch a transfer procedure under judicial authority within the framework of the law on the continuity of companies (LCE). The legal representative will then have four months to find a buyer”, indicates Neckermann in a press release. “Meanwhile, Neckermann will benefit from bankruptcy protection. The legal representative will be able to start negotiations with various stakeholders interested in taking over the agencies and staff. “
The abandoned Wamos trail
The company is looking for a new buyer, the Spanish company Wamos not having been able to meet its financial commitments. “Last year Neckermann requested and obtained protection from its creditors due to the financial repercussions of the coronavirus crisis. Of the company’s 119 creditors, 110 voted in favor of the proposal submitted by the tour operator. Neckermann’s Spanish shareholder, Wamos Group, then promised to inject 3.5 million euros in additional capital. However, this capital increase did not take place because Wamos Group did not have the necessary funds itself. “, continues the press release.
If the possibility of a rescue by Wamos seems dead and buried, Neckermann explains that he is entering into negotiations with other buyers. “The management of Neckermann sought out potential investors and a private equity company showed particular interest in the Neckermann project. In order to protect themselves during this negotiation period, the management of Neckermann opted for the transfer procedure under judicial authority . “
Neckermann CEO Laurent Allardin is optimistic … and launches an appeal to the public authorities. “I firmly believe in the future of Neckermann. Before the coronavirus crisis, business was going well, and we seemed to be off the hook after our debt rescheduled. Sadly, to this day, we have still not received financial support from the authorities despite being hit hard by the crisis. This new LCE arrangement offers new perspectives: I am convinced that we will quickly find a buyer and that Neckermann will be able to get off to a good start. “
Neckermann reassures voucher holders
The tour operator also wanted to reassure its customers. “Neckermann customers who wish to book a trip or who still have a voucher do not need to worry. Since bankruptcy has been avoided, Belgian travelers can still book / modify their reservations or exchange their voucher at Neckermann. “
As part of the procedure, the court will have to appoint a legal representative whose mission will be to find the best buyer for Neckermann. This buyer will buy the tour operator, the agencies and the employees. Currently, Neckermann still employs around 150 people in 50 brands.