Update on progress and proposed employee-led transformation

Tetenal Europe GmbH filed for insolvency protection in September 2018. Over the past few days, the Company has stated that it will discontinue operations in its current structure and customers are asked to place final orders.

“Even though a layman might not know Tetenal, Tetenal chemistry is included in many products with well-known brand names. Without Tetenal, an essential piece of the market is missing” says Marwan El-Mozayen, analogue photography expert and editor-in-chief of PhotoKlassik International.

However an employee-led revitalization proposal by more than 40 staff in Germany is hoping to lead a New Tetenal transformed and back into a leading position in the market to reflect the technology and heritage as one of the co-inventors of modern photochemistry

Senior Tetenal Executives Stefania Grimme (production), Carsten Gehring (sales), Norbert Koester-Beestermoeller (sales), Mike Fawcett (brand distribution) and Dr. Burkhardt Mueller (R&D) will lead this initiative. The proposal will be submitted to the insolvency administration in the next few days. “Tetenal has delivered over 172 years of chemical photo development and an ongoing commitment to quality and service for its customers. By handing control of this much-loved business over to our experience leadership team and dedicated employees, we can bring customers new innovative and sustainable solutions”, says Peter Rasenberger (Grantiro)

Tetenal’s international subsidiaries in the UK, France and Poland are not directly affected by the liquidation of Tetenal Europe GmbH. “We continue to do business and look forward to a revitalized employee-led Tetenal in Germany”, say jointly the respective senior management Mike Fawcett (UK), Agnes Rivrain (France) and Adam Biedron (Poland).

The court-appointed insolvency administrator Dr Sven-Holger Undritz of the law firm White & Case agrees that if the Insolvency Administration can accept the employee led proposal as implementable, it will be good result for creditors and that “the insolvency administrator is happy with every job saved and we keep our fingers crossed”.

Swiss-based merchant banking boutique Rasenberger Toschek will support the employee-led initiative in negotiations with banks and investors.

“We are receiving calls from customers from around the world” say Carsten Gehring and Norbert Koester-Beestermoeller (in the Sales team). “Not only are final orders eagerly placed, but concrete help is being offered, so that the FINAL ORDERS can also be the prelude to the new Tetenal” continues Koester-Beestermoller.

So lights are not going out at Tetenal just yet… The insolvency administrator continues production in February and March. By April, the employee-led transformation must be implemented for the emergence of the proposed revitalized new Tetenal.

Contact persons NEW TETENAL:

Mr Carsten Gehring (Sales): carsten.gehring@new-tetenal.de

Mr Norbert Köster-Beestermöller (Sales): norbert.koester-beestermoeller@new-tetenal.de

About TETENAL:

TETENAL, founded in 1847, is one of the co-inventors of modern photochemistry. The company underwent several restructurings after the turn of the millennium and has been in bankruptcy since September 2018. www.tetenal.de

About NEW TETENAL

NEW TETENAL is an initiative of employees of Tetenal, which is planning to continue the company on own initiative. The management team, among others, includes: – Stefania Grimme, 37 years, production – Carsten Gehring, 53 years, sales worldwide – Norbert Köster-Beestermöller, 61 years, sales Germany and Europe – Mike Fawcett, 50 years, brand distribution UK & Europe – Dr. Burkhardt Müller, 50 years, R & D Germany

About WHITE & CASE

White & Case is one of the world’s leading law firms and is present in the key economic centers of the world at 44 locations in 30 countries. In Germany, there are around 200 lawyers, tax consultants and notaries in Berlin, Dusseldorf, Frankfurt am Main and Hamburg (www.whitecase.com). For more than 30 years, the firm has one of the most respected insolvency and restructuring practices in Germany (www.whitecaseinso.de).

www.whitecase.com / www.whitecaseinso.de

About GRANTIRO

Under the name GRANTIRO, partners have joined forces to form a Social Impact Organization to help companies and organizations in meeting specific challenges. Particular emphasis is placed on companies that are well positioned in the core, have motivated employees, (still) operate economically and whose existing business foundation is threatened by digitization and transformation.

www.grantiro.at

About RASENBERGER TOSCHEK:

RASENBERGER TOSCHEK is one of the leading providers of consulting services in the field of restructuring out of insolvency in the German-speaking area. The European headquarters of the merchant banking boutique is in Lausanne, Switzerland.

www.r-t.com