Employing nearly 600 workers at two locations, Pickenpack is one of Germany’s three large fishsticks manufacturers, also producing other frozen fish products.
INSOLVENCY GUIDANCE / TURNAROUND
With a market swimming in fish products identical to those Pickenpack produced, it was no surprise when the company filed for insolvency in late 2015. Aside from promptly initiating sales negotiations, insolvency administrator Mr. Friedrich von Kaltenborn-Stachau of the Boege Rohde Luebbehuesen Chancellery (BRL) in Hamburg gave his full and immediate attention to upholding production, therefore honouring delivery obligations to all German and European retailers.
Mr. Friedrich von Kaltenborn-Stachau commissioned TMC to bolster business management and secure the company’s continuation. TMC directly initiated, structured and navigated purchasing processes for the entire enterprise. Production interruption was skirted as goods deliveries were diligently pursued. In addition, purchasing transparency and traceability – prerequisites for insolvency proceedings – was achieved. This transparency was enhanced by taking on controlling activities in the accounting department and, despite increasing employee fluctuation, firmly upheld until closing procedures were finalised.
Coordinating and navigating individual projects allowed the failed Luneburg location to wind down and close. However, jobs were saved with the successful sales negotiations of the more modern plant in Riepe, East Frisia, which was purchased by the US concern Trident Seafoods.