PROKON REGENERATIVE ENERGIEN EG
Today, PROKON is the largest German energy cooperative, with total assets amounting to approximately 800 million euros. Early on in 2014, our colleague, Kai Peppmeier, immediately assumed operative responsibilities at the behest of the insolvency administrator Dr. Dietmar Penzlin, who navigated insolvency proceedings jointly with Stefan Denkhaus, supplanting the acting business management. Kai Peppmeier led operations for the entire corporate group with 1.5 billion euros in total assets and about 1,500 employees working in the areas of project planning, in-land wind energy converter construction and operation, power trading/end-consumer supply, pallet manufacture/wood processing, oil mill/biodiesel refinery, forest industry and development of hydroelectric facilities.
INSOLVENCY GUIDANCE/ TURNAROUND
Jörg Schuppener and Andreas Knaup each took on leadership roles, assuming executive management responsibilities for the two non-insolvent business groups – pallet manufacture/wood processing, with approximately 600 employees and 250 million euros in earnings, and oil mill/biodiesel refinery, with approximately 150 employees and 200 million euros in returns.
After a steadily evolving rightsizing process spanning 2.5 years of successful insolvency plan execution during one of Germany’s largest insolvency proceedings, involving more than 100,000 creditors, PROKON emerged with its core business project planning, in-land wind energy converter construction and operation, power trading/end-consumer supply. All other areas were sold, discontinued or outsourced in a collecting society.
Today, PROKON is one of the largest cooperatives in Germany, counting nearly 40,000 members. Emerging in 2015, founding board members Andreas Knaup (CFO) and Kai Peppmeier (CEO) were responsible for this achievement.